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Shiba Inu (SHIB) Might Reverse in Next 3 Days: Here's Why

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Thu, 13/06/2024 - 10:20
Shiba Inu (SHIB) Might Reverse in Next 3 Days: Here's Why
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Shiba Inu is on the verge of hitting a crucial price threshold; the 200 EMA is expected to become the main support level for the asset in a bullish mode. However, the break below it will most certainly cause serious issues, pushing Shiba Inu into the void and potentially triggering the death cross.

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Currently exchanging at around $0.00002169, Shiba Inu has been attempting to keep up, with its placement above key support levels. The crucial level to keep an eye on is the black line that represents the 200-day Exponential Moving Average. A significant reversal may occur for SHIB if it can maintain its footing above this level. However, if this support is not maintained, further declines and a bearish trend could occur.

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SHIB/USDT Chart by TradingView

Traders are keeping a close eye on indicators like the 50-day EMA and the 100-day EMA. The 50-day EMA is giving indications of uniting with the 200-day EMA. A death cross, a bearish technical pattern indicating potential future declines, could occur if these lines cross. However, there is always a chance for SHIB to bounce back from the 200-day EMA, preventing this negative situation.

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The sentiment of the market as a whole and the volume of trading are additional considerations. The decrease in trading volume proposes an absence of solid purchasing interest, which is fundamental at any reversal. The RSI at the lower part of the graph shows that SHIB is drawing closer to the oversold domain, which could demonstrate the potential for purchasing interest.

A few potential causes could drive SHIB's price upwards. A price reversal could be caused by positive news or developments in the Shiba Inu ecosystem, as always, the market recovery or increased interest from institutional investors.

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