On the day-to-day graph, Shiba Inu appears to be shaping a head-and-shoulders configuration, which often signals a bearish reversal and potential future price drop. This pattern features three peaks, with the central peak (the head) being taller than the two side peaks (the shoulders), and a horizontal line (neckline) acting as a support level.
It looks like the neckline for SHIB is forming near the $0.00002100 mark. If the head-and-shoulders pattern is confirmed, a potential drop in price could occur if the support at this level is broken. By calculating the distance between the neckline and the peak of the head, and then projecting that downward, we can estimate the possible price target for this pattern.
The price may be heading towards approximately $0.00001750, which is near the 200 Exponential Moving Average (EMA), a key area of support for Shiba Inu (SHIB). Currently, SHIB is managing to stay above the resistance line, although there are minor attempts for it to rise further. However, the relatively low trading volumes and Relative Strength Index (RSI) values hanging around neutral suggest that the current momentum is weak, neither strongly overbought nor oversold.
This suggests that traders are uncertain about the future direction of SHIB, and its path seems vague. However, if SHIB manages to stay above a certain level and pick up speed again, it could disrupt the current bearish trend and aim for resistance at $0.00002250 and subsequently $0.00002500. Breaking through these levels might reignite optimism and encourage more profits.
If the price of SHIB falls significantly below its support line (neckline), it could potentially trigger more downward movement as selling pressure grows. This could steer SHIB towards the predicted price point, approximately $0.00001750. For now, traders should be vigilant about the $0.00002100 level, as it could signal either a breakout or breakdown in the near future. Given the significance of SHIB’s next move for its immediate prospects, caution is recommended.
Read More
- EUR ARS PREDICTION
- EUR CAD PREDICTION
- LUNC PREDICTION. LUNC cryptocurrency
- CHR PREDICTION. CHR cryptocurrency
- SAFE PREDICTION. SAFE cryptocurrency
- EUR MYR PREDICTION
- LDO PREDICTION. LDO cryptocurrency
- USD BRL PREDICTION
- XRP PREDICTION. XRP cryptocurrency
- POL PREDICTION. POL cryptocurrency
2025-01-12 14:29