As a seasoned crypto investor with battle-scarred fingers from the volatile market swings, I have learned to read between the lines and not pin all my hopes on technical indicators alone. However, when it comes to Shiba Inu (SHIB), the recent higher low pattern has caught my attention. This could indeed be a sign of an impending trend reversal if the buying pressure continues and the market holds steady.
On the graph, there seems to be a growing sign of a reverse pattern with lower highs. This technical shift could signal the start of an uptrend for Shiba Inu after its recent decline. However, it’s important to keep in mind that this is just a technical signal and the market may experience significant fluctuations in the near term.
The graph indicates that Shiba Inu (SHIB) has rebounded and created a higher bottom following recent support at $0.000013. This move suggests that investors might be purchasing SHIB now, as selling pressure could be diminishing. Since the price isn’t hitting new lows, this higher bottom is an essential indicator that the trend might be reversing direction.
At present, Shiba Inu (SHIB) is found just over its 50-day Exponential Moving Average (EMA). This significant level, depending on market conditions, can function either as a support or resistance point. If SHIB manages to maintain its position above the 50-day EMA, it could potentially act as a launchpad for further growth. On the flip side, a drop below this level might suggest more losses and could disrupt the formation of the higher low pattern.
As an analyst, I’m focusing on two significant levels in the SHIB market. Firstly, the resistance at $0.00001400, which aligns with the 200-day Exponential Moving Average (EMA), could prove to be a substantial hurdle. If SHIB manages to surpass this level, it would confirm a trend reversal and potentially open up opportunities for more significant gains.
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2024-08-12 11:39