Beware! After SHIB plunged 70%, the symmetric pattern may become a trap!
Although SHIB seems to be brewing a rebound recently, the situation may not be good. Many data indicate that it may continue to fall.
Did you know that SHIB, a meme coin, rose sharply before, but now it has given back a lot and fallen badly, with its value almost lost by 70%. Now it looks like it is playing a symmetrical game, which usually means a rebound, but this time, it seems that SHIB can't play it.
Why do you say that? Because it is now sandwiched between the upper and lower lines. The upper line is like a wall, which prevents SHIB from rising; the lower line, although it can hold up a little, looks like it will soon fail. Everyone was expecting it to break through the upper resistance line, but there were not enough buyers, so it didn't rush up.
If it fails to rush up, SHIB may have to fall down, and it may fall hard, directly returning to the price level earlier this year, which would be a waste of effort.
What's worse is that it seems that many people are busy transferring SHIB from their wallets to exchanges, which is obviously a sign of selling. There are more and more SHIB in the exchanges, which means that there are more sellers than buyers. How can the price not fall?
In addition, those professional analysis tools are also saying that SHIB will fall. What about Aroon line and capital flow index? They show that it is a seller's market now, and the price will continue to fall.
Although SHIB looks quite lively now, it is actually in a precarious situation. I personally think that if you have SHIB, you should consider how to deal with it as soon as possible. After all, the market is unpredictable and no one can predict what will happen next.
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