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With a higher low pattern developing on the chart, Shiba Inu may be indicating the beginning of a trend reversal. This technical development raises the possibility of upward movement following the recent downtrend. It is crucial to remember that this is only a technical indicator and that the market may still see substantial changes in the near future.
The chart demonstrates that SHIB bounced and formed a higher low after finding support recently at the $0.000013 level. This action raises the possibility that buyers are entering the market now to accumulate as the selling pressure may be lessening. Given that the price is not reaching new lows, the higher low is a crucial sign that the trend may be turning around.
Shortly above the 50-day EMA, SHIB is currently trading at a critical level that, depending on the state of the market, could serve as support or resistance. SHIB may act as a springboard for additional gains if it can hold its position above this moving average. A break below this level, however, could indicate additional downside and invalidate the higher low pattern.
Arman ShirinyanThe crucial price level to keep an eye on is the $0.00001400 resistance, which coincides with the 200-day EMA and might be a formidable obstacle for SHIB to get through. It would validate the trend reversal and possibly pave the way for larger gains if SHIB can break above this level. The $0.00001265 support level is still important in the event of a decline. If this level is broken, any bullish momentum may be neutralized by a retest of prior lows and the continuation of the downtrend.
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