CandleFocus Shiba Inu (SHIB) Bottomed Out? 50% Reversal Flashes on Horizon
2024-12-27
Author: Content Editor
The content suggests that Shiba Inu (SHIB) may be indicating a possible reversal based on a developing double-bottom formation on the daily chart. The current price of SHIB is stabilizing around $0.00002177 and testing critical support near the 100 EMA at $0.00002105. If SHIB can break important resistance levels, it may be able to reverse its negative momentum and potentially reach its recent highs of around $0.00003500. However, the lack of buying pressure and low volume raise concerns about whether bulls have enough momentum to overcome resistance levels. A clear move above $0.00002350 is needed to validate the double-bottom formation and start a long-term recovery. Conversely, a decline below $0.00002105 could indicate additional weakness. Traders are advised to exercise caution and monitor volume levels and important price zones to support the bullish viewpoint.
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