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Shiba Inu has made a dramatic plunge, creating what appears to be one of the year's most notable falling knife patterns. The daily chart's enormous candle shadow indicates that the market is undergoing severe volatility, leaving investors trying to determine the course. Usually, this type of formation can indicate a potential price reversal, but if momentum does not change quickly, it also anticipates more drops.
SHIB is currently trading just above its most recent low at about $0.000019. The level that was serving as support, $0.000020, is now acting as resistance. The level of $0.000017 is the next important level to keep an eye on, on the downside, as this is where some buyers may intervene. The $0.000015 zone might be the final stronghold before another significant crash if that does not work.
We may witness a rebound if SHIB is able to maintain above $0.000019, particularly if volume increases. The next obvious target for bulls is $0.000022; if that level is turned back into support, it may pave the way for a rally toward $0.000025. Given the size of the candle's wick, it appears that buyers moved quickly, which may be an early indication of accumulation prior to a recovery.
Tomiwabold OlajideHowever, SHIB may move in the direction of the $0.000017 support if it is unable to hold its position above $0.000019. The price would move toward $0.000015 or even lower if that level were broken, confirming additional downward momentum. There is still a lot of selling pressure present because the moving averages are currently sloping downward. The whole situation is aggravated further by the lack of substantial purchasing power build up.
The huge candle's shadow is an important indicator that might determine SHIB's course of action. We could witness a substantial recovery if buyers maintain their momentum. The meme coin might face further difficulties, though, if the negative trend persists. The marks of $0.000019 and $0.000017 are important levels for investors to watch because they will probably determine SHIB's short-term course.
Disclaimer: The opinions expressed by our writers are their own and do not represent the views of U.Today. The financial and market information provided on U.Today is intended for informational purposes only. U.Today is not liable for any financial losses incurred while trading cryptocurrencies. Conduct your own research by contacting financial experts before making any investment decisions. We believe that all content is accurate as of the date of publication, but certain offers mentioned may no longer be available.
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