Shiba Inu Price Prediction: SHIB Soars 11%, But Traders Turn To This PEPE 2.0 For 1000X Potential
Release: 2024/10/30 00:09 Reading: 827
Shiba Inu Price Surges
In the last 24 hours, the Shiba Inu price has jumped 11%, reaching $0.00001874 at 7:30 a.m. EST. This surge coincides with a 173% increase in trading volume, which now stands at $938 million.
Possible Bearish Reversal for Shiba Inu
Technical analysis suggests that Shiba Inu may encounter resistance, potentially signaling a bearish reversal. A "Head and Shoulders" pattern has emerged, with an initial price peak around $0.000925, followed by a rise to the Head's peak at approximately $0.001020. A subsequent decline led to the formation of the Right Shoulder, reaching around $0.000950. Confirming this pattern could indicate a bearish trend ahead.
Neckline Support and Resistance Levels
The Neckline Support, at approximately $0.000880, is crucial to watch as it connects the shoulders and head dips. If the price breaks below this level, it would confirm the bearish reversal and could lead to further declines.
Pivotal Point for Shiba Inu
Shiba Inu is approaching a critical point as it tests resistance levels that could determine its future direction. The chart shows two moving averages: the 50-period (green line) and the 200-period (blue line). The price is currently hovering near the 50-period MA, around $0.000928.
The Relative Strength Index (RSI) sits at 57.82, indicating a neutral to slightly overbought zone. However, a recent downward shift suggests a weakening of bullish momentum, and a dip below 50 could confirm an intensifying bearish trend.
If the price closes below the neckline support, it will validate the "Head and Shoulders" pattern, likely leading to additional declines. Conversely, if the price remains above the neckline and breaks past the right shoulder peak, the bearish scenario may not materialize.
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