The SHIB/USDT pair wavered in an inverted head and shoulder pattern from Mid May to August. The memecoin showed multiple failed attempts to breach the $0.0000125 neckline resistance during these three months, validating it as a strong resistance zone. However, on August 12th, the SHIB price gave a bullish breakout from this neckline resistance.
Key points from SHIB analysis:
- The SHIB chart indicates the support confluence at $0.0000125 could replenish the bullish momentum
- A breakdown below $0.0000125 support would invalidate the bullish thesis
- The intraday trading volume of the Shiba Inu coin is $885.6 Million, indicating an 11.62% loss.
The post-retest rally from pattern breakout aligned with the upcoming burn event this month brought massive buying pressure in the market. As a result, the SHIB price surged 34% and hit the $0.000017 mark on August 14th.
However, in response to the profit booking from short-term traders, the price reverted immediately. Moreover, amid the correction phase in the crypto market and the US Fed news of increasing interest rate in September, the altcoin plugged back to $0.0000125.
