According to U.Today, Shiba Inu (SHIB) may be indicating the beginning of a trend reversal with a higher low pattern developing on the chart. This technical development suggests the possibility of upward movement following the recent downtrend. However, it is important to note that this is only a technical indicator, and the market may still experience significant changes in the near future.
The chart shows that SHIB bounced and formed a higher low after finding support recently at the $0.000013 level. This action suggests that buyers might be entering the market to accumulate as the selling pressure may be decreasing. The higher low is a crucial sign that the trend may be turning around, given that the price is not reaching new lows.
Currently, SHIB is trading slightly above the 50-day EMA at a critical level that could serve as support or resistance depending on the market's condition. If SHIB can maintain its position above this moving average, it may act as a springboard for additional gains. Conversely, a break below this level could indicate further downside and invalidate the higher low pattern.
The crucial price level to monitor is the $0.00001400 resistance, which coincides with the 200-day EMA and might be a significant obstacle for SHIB to overcome. Breaking above this level would validate the trend reversal and potentially pave the way for larger gains. On the other hand, the $0.00001265 support level remains important in the event of a decline. If this level is broken, any bullish momentum may be neutralized by a retest of prior lows and the continuation of the downtrend.
