Shiba Inu’s days of price declines could soon be over as SHIB’s chart flashes signs of a potential price increase.
Notably, a higher low pattern recently emerged on the Shiba Inu chart, suggesting the beginning of a potential trend reversal. As a result, Shiba Inu could be preparing for a price increase after its recent decline.
According to Shiba Inu’s chart, the asset, which recently found support around the $0.000013 price territory, formed a higher low pattern. This action indicates an increased buying interest for Shiba Inu as selling pressure lessens.
Potential Trend Reversal
Recall that Shiba Inu faced intense selling pressure recently following a sharp drop in Bitcoin’s price. Consequently, SHIB’s price plunged 4.09% yesterday to $0.00001367. Interestingly, the emergence of a higher low on Shiba Inu’s chart marks a crucial sign that this downtrend is reversing.
At the moment, Shiba Inu is currently trading at a critical juncture, slightly above the 50-day EMA (Exponential Moving Average). The state of the market would determine whether this level would act as a resistance or support. Holding above the 50-day EMA could usher in a significant price surge. Conversely, falling below this level could lead to further price declines for SHIB.
In the meantime, Shiba Inu faces major resistance around the $0.000014 level. Coinciding with the 200-day EMA, this resistance is important in confirming Shiba Inu’s trend reversal and possibly fostering a major price increase. It bears mentioning that the market could see new changes that could negate this analysis.
SHIB Plunges 0.35% Ahead of CPI Data Release
Meanwhile, Shiba Inu is currently trading at $0.00001365, reflecting a decline of 0.31% over the past 24 hours. In contrast, Shiba Inu has witnessed a slight gain in the weekly charts at 3.1%.
Investors are awaiting the release of the United States Consumer Price Index (CPI) data. The July 2024 CPI data is scheduled for tomorrow, August 14, 2024, at 08:30 AM (EDT).
Notably, investors expect this data to trigger market volatility, as witnessed in previous months. Hence, many might decide not to commit much funds to their favorite tokens until the volatility settles.
DisClamier: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basic opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
