Shiba Inu (SHIB) is a popular cryptocurrency among traders and has been at the center of attention for the last several weeks due to its extreme volatility. The long-term pattern for the SHIB price appears bearish, however, short-term analysis seems undecided. At the moment, the SHIB token is trading within a symmetrical triangle in the daily time frame and a descending parallel channel in the shorter six-hour time frame, which could result into a breakout or a breakdown. In the event a downward move happens, the SHIB price could drop to $0.00000850, while a bounce could lead to a price increase of up to $0.0000170. The current situation is flirting with a crucial tipping point and traders must watch carefully whether a breakout or a breakdown happens as it will determine the next trend of the viral cryptocurrency.
Sophie Young
- 2023-04-24
Analyzing Shiba Inu (SHIB) Price on Critical Tipping Point
Shiba Inu (SHIB) is flirting with a crucial tipping point as the long-term pattern appears bearish. Short-term analysis could result into a breakout or a breakdown and this could determine where the trend of the viral cryptocurrency will go.
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