SHIB Coin Price Headed Up as Market Overcomes Musk Sentiment

SHIB coin price finally ended its two-week stay in sideways trading, breaking out on the upper end of a symmetrical triangle chart to set a new ATH yesterday. After spending days below the key resistance level of $0.000035, the token rocketed by more than 50% to hit $0.0000442.

SHIB price on an uptrend

Most significantly, SHIB price overcame an adverse mention by perceived supporter, Elon Musk, to register a 24-hour gain of 8.96%. The token had earlier slumped following a Tweet by the world’s richest man that he doesn’t own any of it.

 The single-worded tweet evidently shook the market, as SHIB coin price fell by as much as   20% within two hours of the tweet. However, following SHIB’s resurgence afterward, it looks likely that it could be headed up in the next few coming days.

Technical analysis for SHIB coin price

Going into the weekend, SHIB had formed a symmetrical triangle on Friday. As I indicated earlier, a rice movement beyond the apex would give us a good idea of the direction of a breakout. The breach happened on the upper end of the triangle, leading to a breakout in the form of an uptrend.

The market is evidently bullish, which raises the prospect of further price gains. For the past three days, the Relative Strength Index ( RSI), has been on a steady ascent, rising from 63 to the current 77.  If the bulls sustain the momentum, they are likely to propel the price up to encounter resistance at 0.00004149. Beyond that point, SHIB coin price could retest the all-time high and possibly go past it.

On the other hand, the RSI is currently indicating that SHIB coin is overbought. This could set in bearishness. In that case, the bears would weaken the market momentum, which could pull down the price to the first support at 0.00003626 and the second support at 0.00003406. If it breaches that point, the price could head further down to 0.00002764.

SHIB coin price daily chart