Shiba Inu (SHIB) stands out by creating a head-and-shoulders formation on the daily chart. This formation is generally known as a formation that signals the end of the uptrend. The middle peak (head) of this structure, which consists of three peaks, is higher than the side peaks (shoulders). A neckline that acts as support is one of the main points of this formation.
Neckline Seen as a Critical Threshold for Shiba Coin
SHIB The neckline for is forming at around $0.00002100. If this support level is broken downwards, a significant decrease may occur in line with the price target of the formation. A downward projection of the distance between the head of the formation and the neckline reveals the potential price target. This target points to the $0.00001750 level.
This level is also the 200-day moving average It coincides with (EMA). this too Shiba coin It means a strong support point for. Currently, SHIB has managed to stay above the neckline, but the decline in trading volume indicates that momentum is weak. Relative Strength Index (RSI) is also in the neutral zone. If the RSI is in the neutral zone, it indicates that investors are indecisive and an uncertain market direction.
Decisive Levels for Rise or Fall
If SHIB manages to hold above the neckline of the formation, it could target $0.00002250 and then $0.00002500. Overcoming these resistance levels can create a positive atmosphere among investors. However, with a break below the $0.00002100 level, selling pressure can be expected to increase. In this scenario, it seems likely that SHIB will decline to $0.00001750.
Traders need to carefully monitor the $0.00002100 level right now. This critical support level could play a decisive role in SHIB’s short-term direction. Current data suggest that a cautious approach should be taken for SHIB. The current uncertainty in the cryptocurrency market necessitates caution.
Disclaimer: The information contained in this article does not constitute investment advice. Investors should be aware that crypto currencies carry high volatility and therefore risk, and should carry out their transactions in line with their own research.
