A more thorough examination is necessary given Shiba Inu’s (SHIB) recent price trend. After a cursory examination, investors may want to take note of the unexpected decline below the trendline support level, which settled around the 0.00000673 USDT mark on the SHIB/USDT daily chart.
But when one looks more closely at the technical patterns, a more positive picture becomes apparent.
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SHIB is now below its short-term (blue line) and long-term (black line) averages when evaluating the moving averages. Such a placement has historically indicated bearish momentum. However, a closer look indicates that this might be a phase of consolidation leading to a possible reversal.
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Volume profiles support this notion even more. A strong sell-off mood would often be indicated by a robust volume that accompanied the decline.
Regarding SHIB, the volume has been rather muted during this decline, indicating a lack of aggressive selling. This slight change in volume may be a hint of a “shakeout” of weak hands, which frequently occurs before to a big upward shift.
Furthermore, it is not always invalidated by the decline below the trendline support. Before making a big directional move, assets frequently revisit important support levels in technical analysis to validate their strength.
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A swift recovery of SHIB’s position above this trendline might herald the beginning of a bullish period. In summary, although the short-term price action of SHIB appears to be negative, a closer examination suggests that the story might be optimistic.
To determine the future course of the coin, traders and investors should keep a close eye on interactions at the support level and volume in the upcoming days.
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