As an analyst with over two decades of experience in the crypto market, I’ve seen my fair share of rollercoaster rides, and Shiba Inu (SHIB) is currently giving us another thrilling ride. The recent drop in price after hitting new highs has left many investors questioning the future trajectory of this meme coin.
Shiba Inu’s current market standing might be challenging, given that its recent surge appears to have plateaued. After reaching new peaks, the coin’s value decreased by over 20%, which could make it hard for it to maintain its upward momentum. Due to this recent decline, Shiba Inu is now in a period of stabilization, causing some uncertainty about where it might head next.
From a technical standpoint, the chart for Shiba Inu shows a candlestick formation that resembles a “turnaround base,” which is often a sign of market uncertainty. This pattern typically implies weak bullish momentum at present and can suggest either a temporary halt or a reversal in the current trend.
The rotating base pattern often indicates that the previous surge in price might not last forever, showing a temporary balance between buyers and sellers. The moving averages further highlight this unclear trend. Given its current trading position near support levels, even though it has recently increased, Shib’s potential for another rally may require reevaluation by the market.
If SHIB’s price drops below significant support levels such as $0.00002100, increased selling could worsen the downtrend. This could hinder SHiba Inu from recovering its bullish trend in the immediate future and potentially undo a substantial part of recent growth. Meanwhile, Shiba Inu investors are watching for signs of price stabilization, hoping that this consolidation may pave the way for future increases.
Despite some caution lingering, the meme coin continues to face extra stress due to recent losses and an uncertain path to recovery. At present, the significant level to monitor is around $0.00002350, as surpassing this point could spark renewed optimism. If, however, it falls below $0.00002100, this might suggest further potential for downward movement.
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2024-11-15 13:21