Shiba Inu’s Resilience Against Market Uncertainty
In December, Shiba Inu showed resilience against market uncertainty and experienced a notable surge. However, it encountered resistance at the trendline of a falling wedge pattern, potentially leading to a correction phase.
Will the SHIB Price Fall Back to $0.00001?
- The SHIB price may continue its downtrend until the wedge pattern is intact.
- The 20-day EMA is supporting a mid-term recovery.
- The intraday trading volume of Shiba Inu is at $831 million with a 300% gain.
The past two months have been bullish for Shiba Inu, with the coin reaching an eight-month high. However, the coin’s trajectory has been influenced by increasing selling pressure following retests of the upper trendline.
These retests have historically led to notable downturns, and a potential reversal could see Shiba Inu encountering demand at $0.00000945 and the 200-day EMA at $0.00000852, indicating a potential drop of about 20%. A fall below these levels could mark a significant downturn for SHIB.
Wedge Pattern Hints Early Sign of Trend Reversal
Despite the short-term bearish outlook, the falling wedge pattern often precedes a trend reversal. If support is established at $0.0000945, it could lead to a bullish breakout for SHIB. This breakout would amplify buying pressure and potentially propel the coin towards targets of $0.000015 and then $0.000018.
- Moving Average Convergence Divergence: A positive crossover between the MACD(blue) and signal(orange) slope indicates the recovery trend is intact.
- Exponential Moving Average: A potential bullish crossover between the 100 and 200-day EMAs could strengthen the recovery trend.
Hot Take: Shiba Inu’s Recovery Faces Resistance at Falling Wedge Pattern
Shiba Inu has shown resilience against market uncertainty but is currently facing resistance at the falling wedge pattern’s trendline. The coin’s trajectory has been influenced by increasing selling pressure, potentially leading to a correction phase. However, if support is established and a bullish breakout occurs, Shiba Inu could experience significant gains. Traders should closely monitor key levels and indicators to gauge the coin’s future movement.
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