Shiba Inu (SHIB) price has corrected to the 20-day EMA ($0.000021), a key level to watch.
SHIB/USDT Daily Chart | Source: TradingView
If the price bounces off the 20-day EMA, the bulls will again attempt to push the SHIB/USDT pair above $0.000029. If successful, the pair will complete a large inverse head and shoulders pattern, taking the price to $0.000039 and then to the pattern target at $0.000047.
However, this bullish scenario would be invalidated if the price continues to decline and breaks below the moving averages.