The price of #shiba Inu (SHIB) opened the new week on a positive note, indicating a bullish trend, with a probable support level expected to be above $0.000008. The bulls are expected to persist until the second-largest meme coin surpasses the psychological resistance level of $0.00001.
The prevailing technical indications support the optimistic perspective, suggesting that the price of Shiba Inu remains positioned for a significant upward movement.
In October, Shiba Inu made improvements to its technical framework and currently occupies a position between two significant indicators: the 100-day Exponential Moving Average (EMA) (represented by the color blue) at a value of $0.0000077, and the 200-day EMA (represented by the color purple) at a value of $0.00000836.
In order for the Shiba Inu cryptocurrency to achieve a significant upward movement over the price level of $0.00001, it is imperative to safeguard the support offered by the 100-day Exponential Moving Average (EMA) at any expense. A potential advantage is in the event of a break and sustained position above the 200-day Exponential Moving Average (EMA), as this would enhance the appeal of SHIB to traders. Consequently, these traders would contribute to the development of momentum, so facilitating a breakout above the price level of $0.00001.
Furthermore, alongside the purchase signal shown by the Moving Average Convergence Divergence (MACD) indicator, there is evidence of a double-bottom pattern emerging. Traders are urged to contemplate the acquisition of SHIB, as evidenced by the occurrence of the MACD line in a blue hue beyond the red signal line. In addition, the presence of green histograms positioned above the neuronal 0.00 region contributes to the substantiation of the observed trend reversal.
In contrast, the presence of a double-bottom pattern suggests the potential for SHIB to see a significant upward movement, surpassing the $0.00001 mark and bridging the gap to $0.000015. This would mark the first occurrence of such a price level since February. This particular pattern typically emerges during the latter stages of a declining market trend, signifying a shift in market sentiment from bearish to bullish as the dominance of sellers wanes and buyers regain control. The presence of two lower boundaries signifies a region characterized by robust support, hence facilitating the delineation of an upward trajectory indicative of bullish market conditions.
Nevertheless, the pattern's confirmation is contingent upon the Shiba Inu price successfully breaching the resistance level located at the neckline. It is anticipated that traders will put their purchase orders somewhat higher than $0.00001069, which is referred to as the neckline. For the breakout to possess sustainability, it is imperative that there is a notable augmentation in trading volume.
Similar to triangles, double-bottom patterns have certain breakout goals that are equivalent to the pattern's height projected over the resistance level at the neckline.
Will RichQuack Be Able to Reach $0.01?
RichQuack commenced with an initial aggregate quantity of 100 quadrillions, however 50% of such amount has already undergone combustion. However, it is improbable for the value to reach $0.01 given the current total supply. Nevertheless, considering the very affordable initial cost of Rich Quack, even a marginal increment in pricing might result in substantial profits for its investors.
The Shiba Inu organization has just disclosed a significant alteration in its blockchain framework.
On October 28, the Shiba Inu development team made an announcement on the social media platform Twitter (now X), informing the community to prepare for a significant transformation inside the realm of blockchain technology.
"Dear members of the Shib Army, The anticipation of a pleasant surprise is universally appreciated, and in your case, it is imminent - the initial stage to access your own Shib identity will commence in an only 72 hours.
The developers' communication lacked specificity on the forthcoming alterations. However, they generated excitement within the community by organizing a $5,000 SHIB prize as a means to disseminate information.