Shiba Inu (SHIB) has been displaying a bearish structure accompanied by a noticeable capital outflow, leading to a plunge in its value. Despite the prevailing technical indicators, there is a lingering possibility of a short-term range formation.
At present, the critical resistance on the charts is identified at $0.000007. Notably, this level experienced a brief shift to support earlier in the week, but the bullish momentum was ultimately unable to sustain its grip.
As of the latest update, the current SHIB price on CoinGecko hovers at $0.00000692, with a moderate 24-hour rally of 3.5% and a modest seven-day gain of 1.2%. The recent descent below the trendline support does not necessarily invalidate its strength.
Frequently observed in technical analysis, assets often retest critical support levels to confirm their resilience before any substantial directional shift. If SHIB can promptly reclaim its position above this trendline, it might signal the commencement of a potentially bu
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