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Shiba Inu (SHIB) is attracting attention as it forms a head and shoulders pattern on the daily chart. This formation is typically recognized as signaling the end of an upward trend. Characterized by three peaks, the middle peak (head) is higher than the surrounding peaks (shoulders), with a neckline acting as a crucial support level.
Neckline Seen as a Critical Threshold for Shiba Coin
SHIB is forming a neckline at approximately 0.00002100 USD. If this support level breaks downward, a significant price drop may occur in line with the formation’s price target. The projection of the distance between the head and the neckline indicates a potential price target of 0.00001750 USD.
This level coincides with the 200-day exponential moving average (EMA), indicating strong support for Shiba coin. Currently, although SHIB manages to stay above the neckline, a decline in trading volume suggests weak momentum. The Relative Strength Index (RSI) is also hovering in the neutral zone, indicating indecisiveness among investors and uncertainty in market direction.
Key Levels for Potential Upsurge or Downturn
If SHIB maintains its position above the neckline, it could target 0.00002250 and subsequently 0.00002500 USD. Breaking through these resistance levels may create a positive atmosphere among traders. However, a drop below 0.00002100 USD could lead to increased selling pressure, with SHIB likely retreating to around 0.00001750 USD.
Investors need to closely monitor the 0.00002100 USD level, as this critical support could play a decisive role in SHIB’s short-term direction. Current data suggests a cautious approach is warranted for SHIB. The prevailing uncertainty in the cryptocurrency market necessitates careful observation.
