š Shiba Inu Price Forecast: December's Dilemma at $0.00001
In the tempest of the crypto market, Shiba Inu faces a critical crossroads, with recent indicators suggesting a potential December dip. Here are the key insights:
Analyzing the Correction: Bearish Flag Pattern Unfurls š
The Shiba Inu coin is entangled in a bearish flag pattern, with the value dwindling from $0.00000964 to the current $0.00000834 over three weeks, marking a 13.5% decline. The overhead supply from resistant trendlines and broader market uncertainty pose threats of an extended downturn.
Critical Levels to Watch: Will SHIB Dive to $0.000007? š
The correction shapes a bullish flag pattern, yet caution prevails. The coin clings above the 50% Fibonacci retracement level, signaling an overall uptrend. The intraday trading volume has shrunk by 61%, reflecting a decrease in market activity.
Potential Scenarios: Brace for Impact or Bullish Breakout? š
1. Potential Downside: With Bitcoin struggling, SHIB might test $0.00000715, encountering supports at $0.00000806 and $0.00000761 on the way down.
2. Bullish Outlook: A successful flag pattern breakout could propel SHIB towards ambitious targets, eyeing $0.00001 and then $0.000011.
Comparative Performance: SHIB vs. DOGE š
A glance at the meme crypto rivalry: Shiba Inu vs. Dogecoin. While both see recovery, SHIB faces a steeper correction, highlighted by new lower lows and highs. In contrast, Dogecoin hints at a robust rebound, poised to surpass its last swing high.
Indicators Speak: Negative Sentiments Linger š
EMA Struggle: Shiba's battle to sustain above the 200-day EMA suggests prevailing negative sentiments.Vortex Indicator: A bearish crossover between VI+ (blue) and VI- (orange) slopes accentuates the sellers' dominance.
š For real-time updates on Shiba Inu and the broader crypto canvas, stay tuned to the evolving narrative.
š Follow The Blockopedia for Crypto Insights and Market Trends!
#ShibaInuAI #ShibaInuUpdate #crypto #cryptocurrency #crypto2023
