Shiba Inu Price Dips Below Key Support: Time To Enter Or Exit SHIB?
11 October 2023 - 1:00AM
NEWSBTC
The Shiba Inu (SHIB) price currently treads on crucial technical
terrains. As highlighted in previous comprehensive analysis, the
potential impacts of two distinct chart patterns were observed on
the 1-week timeframe for SHIB, both leading to vastly different
price trajectories. The 1-week chart reveals a compelling quadruple
bottom formation for SHIB. If this pattern materializes, it could
suggest a bullish surge of up to 250% from its breakout point, as
delineated in prior assessments. Conversely, a starkly contrasting
pattern emerges in the form of a descending triangle, which has
taken shape over a span of 60 weeks. A conclusive break below its
defining neckline could induce substantial declines in SHIB’s
valuation. Shiba Inu Price: Currently, the bearish sentiment around
Shiba Inu seems to be intensifying in the wake of the crypto market
downturn. With SHIB recording a price of $0.00000695 at the press
time and briefly touching a low of $0.00000674 yesterday, it has
breached the descending triangle’s neckline pegged at $0.00000715.
Related Reading: Shiba Inu Stagnation: What’s Causing Meme Coin’s
Recent Sluggishness? Should SHIB close this week below this key
support level, it might portend strong bearish implications,
possibly steering the price toward its annual low of $0.000006.
Yet, a closure below $0.00000715, while foreboding, is not
conclusively bearish. An analogous dip occurred in June, which was
swiftly followed by a robust rally. Over an 8-week period, SHIB
ascended by 59%, only to face resistance at the 50-day EMA of
$0.00001140, leading to a renewed breach under the descending
triangle’s trend line on the weekly chart. At this juncture, if
SHIB can secure a weekly close above the $0.00000715 mark either
this week or the next, it might bolster the case for the bullish
quadruple bottom setup. So SHIB could see a similar rally to June
this year. From a technical viewpoint, the cryptocurrency will then
confront key resistance barriers: the 20-day EMA at $0.00000806,
the descending triangle’s trendline approximately at $0.000009, and
the 50-day EMA at $0.00001019. Subsequently, a monumental target,
pinpointed at the 23.6% Fibonacci retracement level of $0.00002545,
representing a rally in excess of 250%, could be attainable.
Related Reading: Shiba Inu-Based BONE Gearing Up For Massive Rally,
Here’s Why When interpreting these patterns, investors must decide
whether the quadruple bottom or the descending triangle holds more
weight for them, making it a buy or sell position. Community
Insights In a recent post on X (previously known as Twitter),
prominent SHIB influencer, Lucie, urged the Shiba Inu community to
persevere: “In these turbulent times, it’s imperative for us to
remain resilient. The crypto landscape is indeed tumultuous,
inundated with unsettling global updates. However, as the
formidable ShibArmy, our collective endeavours will undoubtedly
yield dividends. Let’s remain united, weathering challenges and
championing our shared vision.” Investors and traders are
encouraged to exercise caution and conduct due diligence, keeping a
close watch on the unfolding SHIB price narrative. Featured image
from Shutterstock, chart from TradingView.com
SHIBA INU (COIN:SHIBUSD)
Historical Stock Chart
From Jun 2024 to Jul 2024
SHIBA INU (COIN:SHIBUSD)
Historical Stock Chart
From Jul 2023 to Jul 2024