CandleFocus Shiba Inu (SHIB) Price Movement Shows Conflicting Technical Patterns
2024-12-23
Author: Content Editor
The price of Shiba Inu (SHIB) is in a critical phase as technical indicators show conflicting signals. The meme coin has faced selling pressure, leading to a 20% drop in price and a decline in market capitalization. The current price action shows SHIB testing support levels, but the recent decline in whale accumulation and the formation of a death cross raise concerns about further declines. The Relative Strength Index (RSI) has recovered, indicating a potential trend reversal, but it is still in balanced territory. The number of SHIB whales has increased and then declined, suggesting a shift in sentiment among influential holders. A fundamental resistance level at $0.000022 is a key hurdle for recovery. If support at $0.00001985 is not maintained, a deeper correction could occur.
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