SHIB price action shows a bullish trend forming an inverted head and shoulder pattern taking support at the 50-day SMA. Will buyers avoid a price drop? Key technical points: SHIB prices have decreased by 1.91% in the last 24 hours. The price action retests the 50-day SMA. The 24-hour trading volume of Shiba Inu is $292 Million, indicating a decline of 20%. Past Performance of SHIB The SHIB price action shows a bullish reversal from the $0.0000070 mark to test the 50-day SMA with a 65% jump. However, the sellers redirect the price trend lower to form the right shoulder of the inverted head and shoulder pattern. Currently, the price action shows a retracement to the 50-day SMA and warns of a bullish failure to avoid a drop under $0.000010. Source- Tradingview SHIB Technical Analysis The retracing SHIB prices to the 50-day SMA form a double top pattern with a neckline at the psychological mark of $0.000010. Hence, the fallout of the psychological mark will unleash the trapped bearish momentum. The MACD indicator shows the fast and slow lines struggling to sustain in the positive territory as the bullish histograms crumble. Hence, the chances of a bearish crossover resulting in a drop in the negative territory increase. The RSI indicator shows underlying bullishness reversing in the nearly overbought zone teasing a drop to the halfway line. Hence, the indicator shows a bearish attempt to regain trend control. In a nutshell, the SH...
