Since last weekend, the $SHIB price witnessed a notable correction from $0.0000217 to $0.0000178, accounting for an 18% drop. The bearish turnaround likely coincides with the broader market pullback as Bitcoin drops below $65,000 on Monday. With sustained selling, the SHIB price could tumble another 9% before retesting suitable support at $0.000016.

 The aforementioned level, coinciding with a bullish crossover of 20-and-100-day exponential moving average after 100 days, could recuperate the bullish momentum. The potential reversal will likely reveal a bullish reversal pattern called Inverted Head and Shoulder in daily charts.

If the pattern holds true, the Shiba Inu price could rebound from $0.000016 and rechallenge the neckline resistance at $0.000022.

On the contrary, if sellers drive a breakdown below the $0.000016 level, the buyers would also lose EMAs support and invalidate the bullish thesis.