🚨 Shiba Inu (SHIB) Price Forecast: Is a Major Drop Looming? 📉
Shiba Inu (SHIB) recently saw a significant rally, peaking at $0.00004567 before plunging over 71% from its high. Currently, SHIB is forming a symmetrical pattern, often a sign of an upcoming breakout. However, this time the pattern might not play out as expected.
Despite initial hopes for a rebound off the support level of $0.00001266, buying pressure remains weak, and the price struggles to break through resistance. If the upper resistance holds, SHIB could fall further, potentially targeting $0.00001078, $0.00000822, or even $0.00000655.
Recent data from Coinglass shows a decline in Open Interest and increased positive exchange netflows, indicating that investors might be preparing to sell. Moreover, metrics like the Aroon Down line and the Money Flow Index are suggesting growing bearish sentiment.
In summary, if current trends persist, SHIB could be headed for a significant decline.
