Kishu Inu price forms a descending triangle pattern, hinting at 61% correction. The decreasing trading volume and the position of the SMA above the KISHU price show that recovery is a huge challenge.
Kishu Inu price has been suffering under the strong arms of the bears since the all-time high of $0.000000010 traded on October 28. These losses tested area under $0.0000000040 to the extent of confirming support at $0.000000003582. Recovery attempts have been numerous, but KISHU has not made significant progress toward the record high.
Kishu Inu was created in April 2021 with the aim of being a decentralized meme project with true utility. KISHU’s mission is to bring popular cryptocurrency concepts to the mainstream. Unlike older, comparable projects, KISHU introduces holders to next-gen concepts such as participation rewards, NFTs, decentralized exchanges, and more.
It has rallied recently in tandem with other meme coins even as the big brothers DOGE and SHIB had a showdown of the meme coins over the last week to see which one will be ranked higher in terms of market capitalization with Shiba Inu surpassing Dogecoin in market cap at one point.
Kishu Inu price on the brink a 61% Drop
At the time of writing, Kishu Inu teeters at $0.000000004501 and appears to have formed a descending triangle chart pattern on the 12-hour chart. Bulls are currently dealing with overhead pressure from the triangle’s descending trendline. Holding above $0.0000000040 has become very crucial for the resumption of the uptrend. However, the overall technical picture shows that KISHU may drop further in the near term.
The chart pattern will be validated if Kishu Inu price breaks below the hypotenuse. The breakout should occur before the trend lines converge and has a target equal to the distance between the triangle’s widest points. For instance, KISHU will likely dump 61% to test support at $0.000000001750 before recovery occurs.
KISHU/USD Daily ChartLive Chart
The bearish outlook is accentuated by the down-sloping moving averages and the decreasing trading volume. Moreover, the RSI is massively overbought pointing to a significant Kishu Inu price correction in the near-term.
Looking at the other side of the fence
The bearish outlook will be invalidated if support at the $0.0000000040 and KISHU flips the 200 Simple Moving Average (SMA) into support. Besides, the SuperTrend indicator still shows that Kishu has a bullish outlook, as seen on the 12-hour chart. KISHU’s uptrend will resume as the price slices through the triangle’s descending trendline at $0.000000004957 confirming a bullish breakout.
Kishu Inu Price Analysis: KISHU Token Investors Need This Support Level To Work
These last two months have been a roller coaster ride for the KISHU investors, wherein the token price experienced a parabolic growth in October, and later, with the same enthusiasm, the token price fell in November. The token price has dropped around 72.7% from its high and is plugged to a significant support level. Can bulls change the tides in their favor?
Key technical points:
- The KISHU token price plunged to 0.786 Fibonacci retracement level
- The 20-and-50 EMA line are on the verge of giving a bearish crossover
- The intraday trading volume in the KISHU token is $111 Million, indicating a 1.76% loss.
The KISHU token initiated a parabolic growth in October, where the token price surged 2000%, making a month high at the $0.00000001 mark. Furthermore, the price was immediately rejected from this level, indicating a retracement phase in this chart.
However, the token price started dropping more than the expectations of the long traders, displaying a strong V-top reversal. Currently, the KISHU price is plunged to the crucial support zone of $0.0000000027-$0.00000000265, trying to sustain above this level. This support level is quite important for the crypto traders as it has a confluence with the other important technical level.
These technical levels are;
- A horizontal support level of 00.0000000027
- The token price is trying to sustain above the 0.789 FIB
- The presence of 200-day EMA.’
The Relative Strength Index(34) projects a bearish sentiment within the KISHU token.
KISHU/USD 4-hour Time Frame Chart
It seems the KISHU token is strictly respecting the levels of a descending trendline. This resistance trendline has been leading the downtrend since early November. Thus, if the price bounces back from this bottom support, the crypto traders would get an early signal to go long.