Bitcoin (BTC) has fallen below $39,000, while Shiba Inu (SHIB) has lost 5 percent of its value in the last 24 hours. In the last 7 days, it has decreased by 7 percent. So what levels are next? What do the charts show?
What are the expectations for SHIB price?
As we reported as Kriptokoin.com, Shiba Inu gained momentum just a week ago when it increased 35 percent following the news of Robinhood listing. Prices have been flat for a while. Since the short-term reading is bearish on the charts, buyers have decided to stay away from the meme-coin. However, according to an expert named Anush Samal, the coin is showing a bullish trend on the one-day chart. The chart above consistently showed the “Adam and Eve” pattern for the 109th day and continues to do so. This technical pattern is considered bullish.
Two different formations in the charts are referred to as Adam (triangle) and Eve (semi-circle). At $0.00003289, SHIB is expected to experience a breakout followed by a target of $0.00004436, which represents a 60 percent increase from the current price level. According to the expert, if the value of the Shiba Inu falls further, the nearest support line is $0.000002068.
What will Shiba Inu investors do now?
Consistent consolidation has left buyers in a dilemma. As the chart above shows, purchasing power has dropped significantly over the past week. In subsequent trading sessions, SHIB may break the current price level and fall to the next price floor. On the Relative Strength Index, SHIB was seen below the 40 mark, which will soon touch the oversold territory. If the oversold mark is touched, the price of SHIB could drop further. Chaikin Money Flow, which determines capital outflow, suggested that inflows are less than outflows. Prices of
SHIB have settled below the 20-SMA line since last week. This determined that sellers have control over the market and are responsible for price momentum. The above reading also confirmed the drop in the market. On the other hand, Oscillator suggests the current price momentum of the coin.
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