- SHIB might suffer a 35% south move if the meme coin breaks beneath $0.00002817.
- Shiba Inu might drop further to secure dependable support before hitting the governing technical pattern’s lower border.
- The meme coin should slice past $0.00003549 to reverse the underperformance period.
Shiba Inu may see a significant drop if SHIB bulls fail to claim $0.00002817 as a support level. Sliding beneath the mentioned barrier might translate to a 35% price drop. Keep in mind that SHIB suffered a massive drop amid the 5 January market crash.
SHIB Bears Target $0.00001935
SHIB price has printed a descending channel on its twelve-hour chart. The formation came as Shiba Inu continued to register lower lows and lower highs. The meme coin tried to slice past the prevailing chart setup’s topside boundary on 28 December to reverse the underperformance phase. Nevertheless, selling momentum surged, and the Dogecoin competitor dropped lower, dipping into a consolidation pattern again.
SHIB’s first defense line sits at 4 December low around $0.00002952. The altcoin might secure another support around the 21 December low near $0.00002817. If Shiba Inu declines beneath this barrier, the dog coin will suffer a 35% drop towards the value area at $0.00001935.
The primary technical pattern’s middle border at $0.00002659 would serve as the closest defense line for SHIB before bears plan a massive crash towards the parallel channel’s lower boundary at $0.00001935.
If SHIB sees increased buying pressure, it will meet the first resistance line around 6 December lows of $0.00003269. More hurdles will showcase at $0.00003415, the level where 50 12-hour SMA and 21 12Hr Simple Moving Average intersect. Another resistance will appear at the prevailing chart pattern’s top border at $0.00003549.
If Shiba Inu bulls slice past the mentioned resistance line, SHIB price might finally see a recovery reversing the underperformances from the latest trends. Nevertheless, an additional obstacle will showcase at $0.00003815, the level where 100 12hr Simple Moving Average, Momentum Reversal Indicators’ resistance, and 200 12Hr SMA coincide.
Shiba Inu’s price sees challenging times as the meme coin might witness a 35% drop. The crypto requires an upward move past $0.00003549 to invalidate its underperformances. Meanwhile, SHIB has multiple obstacles in its upward journey, and plummets might emerge before surges.
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