Following a significant decline in Bitcoin, most Altcoins are experiencing a downturn, with prices down approximately 5-10%.
The existing market volatility, particularly at a crucial resistance level, suggests that SHIB's price could potentially face a modest retreat.
Shiba Inu has undergone a notable upward surge, hinting at a rounding reversal and forming a double bottom pattern.
According to Coingabbar Price Analysis, Shiba Inu demonstrates a notable leap, suggesting a potential double bottom pattern and a rounding reversal.
Ongoing market uncertainty near a crucial resistance point raises the possibility of a minor pullback in SHIB price.
Despite initial recovery, Shiba Inu faced a sharp reversal around the $0.0000106 mark, aligning with a long-standing resistance trendline.
The reversal sets the stage for a correction phase, especially in light of current crypto market sell-offs.
The SHIB price retreated from the upper trendline of the pattern during the latest crypto market downturn, hinting at a potential bear cycle.
A sideways trend, shaped by a symmetrical triangle pattern, suggests an accumulation phase.
If the coin price drops below the immediate support level of $0.00000964, sellers may gain momentum, prolonging the downward trend.
A post-breakdown decline could lead to a 22% drop, reaching a lower trendline around $0.0000076.
A potential breakout above the upper resistance holds the potential to push prices to $0.00000106, followed by $0.00000120.
KEY LEVELS :
RESISTANCE LEVEL : $0.00001000-$0.00001060
SUPPORT LEVEL : $0.000009400-$0.000009000
Disclaimer: Crypto is not regulated and can offer considerable risks. There may be no regulatory remedies available in the event of any losses resulting from price analysis. As a result, before engaging in any transactions involving crypto products, each investor must perform in-depth examination or seek independent advice.
