$SHIB $DOGE $DOT SHIB Price Signals 16% Decline as $7.24 Billion in Tokens Risk Falling Underwater

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Despite a slight recovery driven by Bitcoin's resurgence, Shiba Inu (SHIB) faces strong resistance at key exponential moving averages (EMAs). To rally again, SHIB needs to re-enter the falling wedge pattern.

SHIB Price Faces Rejection

Recently, SHIB almost reached its yearly lows during a market crash. Although Bitcoin's recovery saw a market-wide upswing, SHIB and other cryptocurrencies may experience an extended downturn in the coming days. Shiba Inu broke down from a falling wedge on August 3, a rare occurrence that signals extreme bearish pressure. Despite a minor recovery, SHIB's price action suggests a potential 16% drop from its current price.

The current trend for Shiba Inu is downward, with the price consistently declining within a falling channel pattern, indicating strong bearish momentum. SHIB found support around $0.000012, with a stronger support level at $0.00001. Immediate resistance exists at the 50-day EMA ($0.00001425) and the 200-day EMA ($0.00001628).

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