Shiba Inu’s price falls below the critical support level of $0.000027, signaling a bearish trend.
CoinCodex predicts a potential 227% surge in Shiba Inu’s price, reaching $0.00008023 by May 13, 2024.
Despite the current bearish sentiment, the Fear & Greed Index indicates investor greed with a score of 72.
Shiba Inu’s (SHIB) price trajectory has taken a notable downturn, slipping below a crucial support level of $0.000027 and indicating a bearish outlook. This shift is particularly significant as it breaches the symmetrical triangle pattern, typically considered a robust consolidation zone.
Analysts point out that the breach of the symmetrical triangle suggests a potential reversal in SHIB‘s upward momentum. Previously serving as a support level, the $0.000027 mark may now transition into a resistance zone, potentially marking the beginning of a downtrend. However, there remains a glimmer of hope for investors, with the next support level estimated at around $0.000024. If buyers step in at this point, it could arrest the decline and potentially shift the trajectory back towards bullish territory.
Despite the current bearish sentiment, experts are eyeing a potential resurgence in SHIB’s value. CoinCodex’s Shiba Inu price prediction indicates a remarkable 227% surge, with a projected price target of $0.00008023 by May 13, 2024. This optimistic outlook contrasts with the current market sentiment, which is predominantly bearish according to technical indicators. Despite this, the Fear & Greed Index sits at 72, indicating a level of greed among investors.
Looking ahead, the key determinant of SHIB’s future trajectory will be its ability to reclaim its position within the symmetrical triangle pattern. If the price stabilizes and buyers regain strength, pushing SHIB back into the triangle, it could invalidate the breakdown and reignite bullish sentiment. To achieve sustained growth, SHIB will need to target the upper boundary of the triangle, aiming for a solid close above $0.00003.
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