{"id":554785,"date":"2023-10-10T14:00:11","date_gmt":"2023-10-10T14:00:11","guid":{"rendered":"https:\/\/ktsl888.com\/?p=554785"},"modified":"2024-06-11T07:49:31","modified_gmt":"2024-06-11T07:49:31","slug":"shiba-inu-price-dips-below-key-support","status":"publish","type":"post","link":"https:\/\/ktsl888.com\/news\/shiba-inu-coin\/shiba-inu-price-dips-below-key-support\/","title":{"rendered":"Shiba Inu Price Dips Below Key Support: Time To Enter Or Exit SHIB?"},"content":{"rendered":"

The Shiba Inu (SHIB) price currently treads on crucial technical terrains. As highlighted<\/a> in previous comprehensive analysis, the potential impacts of two distinct chart patterns were observed on the 1-week timeframe for SHIB, both leading to vastly different price trajectories.<\/p>\n

The 1-week chart reveals a compelling quadruple bottom formation for SHIB. If this pattern materializes, it could suggest a bullish surge of up to 250%<\/a> from its breakout point, as delineated in prior assessments. Conversely, a starkly contrasting pattern emerges in the form of a descending triangle, which has taken shape over a span of 60 weeks. A conclusive break below its defining neckline could induce substantial declines in SHIB’s valuation.<\/p>\n

Shiba Inu Price At Crucial Juncture<\/h2>\n

Currently, the bearish sentiment around Shiba Inu seems to be intensifying in the wake of the crypto market downturn. With SHIB recording a price of $0.00000695 at the press time and briefly touching a low of $0.00000674 yesterday, it has breached the descending triangle’s neckline pegged at $0.00000715.<\/p>\n

Related Reading: Shiba Inu Stagnation: What\u2019s Causing Meme Coin\u2019s Recent Sluggishness?<\/a><\/div>\n

Should SHIB close this week below this key support level, it might portend strong bearish implications, possibly steering the price toward its annual low of $0.000006. Yet, a closure below $0.00000715, while foreboding, is not conclusively bearish.<\/p>\n

\"Shiba
SHIB price dips below the neckline, 1-week chart | Source: SHIBUSD on TradingView.com<\/a><\/figcaption><\/figure>\n

An analogous dip occurred in June, which was swiftly followed by a robust rally. Over an 8-week period, SHIB ascended by 59%, only to face resistance at the 50-day EMA of $0.00001140, leading to a renewed breach under the descending triangle’s trend line on the weekly chart.<\/p>\n

At this juncture, if SHIB can secure a weekly close above the $0.00000715 mark either this week or the next, it might bolster the case for the bullish quadruple bottom setup. So SHIB could see a similar rally to June this year.<\/p>\n

From a technical viewpoint, the cryptocurrency will then confront key resistance barriers: the 20-day EMA at $0.00000806, the descending triangle’s trendline approximately at $0.000009, and the 50-day EMA at $0.00001019. Subsequently, a monumental target, pinpointed at the 23.6% Fibonacci retracement level of $0.00002545, representing a rally in excess of 250%, could be attainable.<\/p>\n

Related Reading: Shiba Inu-Based BONE Gearing Up For Massive Rally, Here\u2019s Why<\/a><\/div>\n

When interpreting these patterns, investors must decide whether the quadruple bottom or the descending triangle holds more weight for them, making it a buy or sell position.<\/p>\n

Community Insights<\/h2>\n

In a recent post<\/a> on X (previously known as Twitter), prominent SHIB influencer, Lucie, urged the Shiba Inu community to persevere: \u201cIn these turbulent times, it’s imperative for us to remain resilient. The crypto landscape is indeed tumultuous, inundated with unsettling global updates. However, as the formidable ShibArmy, our collective endeavours will undoubtedly yield dividends. Let’s remain united, weathering challenges and championing our shared vision.\u201d<\/p>\n

Investors and traders are encouraged to exercise caution and conduct due diligence, keeping a close watch on the unfolding SHIB price narrative.<\/p>\n

Featured image from Shutterstock, chart from TradingView.com<\/div>\n","protected":false},"excerpt":{"rendered":"

The Shiba Inu (SHIB) price currently treads on crucial technical terrains. As highlighted in previous comprehensive analysis, the potential impacts of two distinct chart patterns were observed on the 1-week timeframe for SHIB, both leading to vastly different price trajectories. The 1-week chart reveals a compelling quadruple bottom formation for SHIB. If this pattern materializes, it could suggest a bullish surge of up to 250% from its breakout point, as delineated in prior assessments. Conversely, a starkly contrasting pattern emerges in the form of a descending triangle, which has taken shape over a span of 60 weeks. A conclusive break below its defining neckline could induce substantial declines in SHIB’s valuation. Shiba Inu Price At Crucial Juncture Currently, the bearish sentiment around Shiba Inu seems to be intensifying in the wake of the crypto market downturn. With SHIB recording a price of $0.00000695 at the press time and briefly touching a low of $0.00000674 yesterday, it has breached the descending triangle’s neckline pegged at $0.00000715. Related Reading: Shiba Inu Stagnation: What\u2019s Causing Meme Coin\u2019s Recent Sluggishness? Should SHIB close this week below this key support level, it might portend strong bearish implications, possibly steering the price toward its annual low of $0.000006. Yet, a closure below $0.00000715, while foreboding, is not conclusively bearish. An analogous dip occurred in June, which was swiftly followed by a robust rally. Over an 8-week period, SHIB ascended by 59%, only to face resistance at the 50-day EMA of $0.00001140, leading to a renewed breach under the descending triangle’s trend line on the weekly chart. At this juncture, if SHIB can secure a weekly close above the $0.00000715 mark either this week or the next, it might bolster the case for the bullish quadruple bottom setup. So SHIB could see a similar rally to June this year. From a technical viewpoint, the cryptocurrency will then confront key resistance barriers: the 20-day EMA at $0.00000806, the descending triangle’s trendline approximately at $0.000009, and the 50-day EMA at $0.00001019. Subsequently, a monumental target, pinpointed at the 23.6% Fibonacci retracement level of $0.00002545, representing a rally in excess of 250%, could be attainable. Related Reading: Shiba Inu-Based BONE Gearing Up For Massive Rally, Here\u2019s Why When interpreting these patterns, investors must decide whether the quadruple bottom or the descending triangle holds more weight for them, making it a buy or sell position. Community Insights In a recent post on X (previously known as Twitter), prominent SHIB influencer, Lucie, urged the Shiba Inu community to persevere: \u201cIn these turbulent times, it’s imperative for us to remain resilient. The crypto landscape is indeed tumultuous, inundated with unsettling global updates. However, as the formidable ShibArmy, our collective endeavours will undoubtedly yield dividends. Let’s remain united, weathering challenges and championing our shared vision.\u201d Investors and traders are encouraged to exercise caution and conduct due diligence, keeping a close watch on the unfolding SHIB price narrative. Featured image from Shutterstock, chart from TradingView.com<\/p>\n","protected":false},"author":571,"featured_media":554787,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[92559],"tags":[83668,84473,83667,86437,87680,84562],"class_list":["post-554785","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-shiba-inu-coin","tag-shib","tag-shib-price","tag-shiba-inu","tag-shiba-inu-price","tag-shibarium","tag-shibusd"],"acf":[],"yoast_head":"\nShiba Inu Price Dips Below Key Support: Enter Or Exit SHIB?<\/title>\n<meta name=\"description\" content=\"The Shiba Inu price currently treads on crucial technical terrains. 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Jake is not just a reporter on technological trends; he is a firm believer in the transformative potential of Bitcoin over traditional fiat currencies. To him, the current financial system is on the brink of chaos, propelled by unchecked government actions and flawed Keynesian economic policies. Drawing from the principles of the Austrian school of economics, Jake views Bitcoin not merely as a digital asset but as a crucial step towards rectifying a failing monetary system. His libertarian views reinforce his stance that just as the church was separated from the state, so too should money be freed from governmental control. For Jake, Bitcoin represents more than just an investment; it's a peaceful revolution. He envisions a future where Bitcoin fosters a sustainable and responsible financial framework for generations to come. His advocacy is not about opposition but about evolution, about laying the groundwork for a system that prioritizes transparency and equity over secrecy and inequality. As a journalist, Jake\u2019s articles are crafted with the precision of a scholar and the passion of a true believer. He provides not only news but also thoughtful analysis that connects the dots between daily developments and larger economic theories. His work is a beacon for those lost in the technical jargon often associated with crypto discussions, illuminating the practical implications and benefits of these technologies. In summary, Jake Simmons is not just reporting on a revolution; he wants to be part of it, fully committed to enhancing public understanding and adoption of Bitcoin and cryptocurrencies. His work is more than just a collection of articles; it\u2019s a resource, a guide, and a companion for anyone ready to explore the potential of this digital frontier. Whether you are taking your first steps into crypto or are a veteran looking to stay on top of the latest trends, Jake\u2019s insights provide clarity and foresight in an often unpredictable industry. Join him on this journey to reshape the world of finance, one post at a time. 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