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.