As Bitcoin and Ethereum, the leaders in the crypto market, witness a temporary pause in their recovery phase, other significant cryptocurrencies are experiencing additional selling pressure and have assumed a sideways movement. Among these is the prominent meme coin, Shiba Inu, which has similarly demonstrated a sideways trend over the past fortnight while developing a descending triangle pattern. This pattern may offer more substantial confidence for potential price behaviour in the near term. This fluctuation in the Shiba Inu price, within the context of South Africa’s growing interest in crypto, is an important consideration for investors in the country.
Amid a tumultuous period in the cryptocurrency market, Shiba Inu’s price continues to vacillate between two key chart levels – the long-standing resistance trendlines and a horizontal support of R0.0001333. This overhead resistance, continually offering dynamic resistance, pressures the meme coin into forming new lower highs.
On the daily chart, this consolidation phase becomes apparent as the formation of a notorious bearish pattern, known as a descending triangle. If the prices breach the pattern’s neckline support, a breakdown below this neckline could exacerbate the selling pressure.
Therefore, with an increased likelihood of breaking the R0.0001333 support, the SHIB price could potentially tumble by 8.5% to strike a low of R0.00012236.
So, when is the right time for South Africans to invest in Shiba Inu?
While no trend remains unchanged indefinitely, the Shiba Inu price may eventually escape from the current downward spiral. However, prospective buyers should patiently wait for the prices to breach the overhead resistance trendline. This breakout will indicate a shift in trend, outlining an initial target at R0.00015948, followed by R0.00018591.
Given the burgeoning interest in cryptocurrency investments in South Africa, understanding these market dynamics is crucial for local investors to navigate the potentially lucrative yet unpredictable landscape of meme coin investments like Shiba Inu.
