SHIB Forms Head And Shoulders Pattern As Investors Begin To Worry
Shiba Inu (SHIB) has formed a head-and-shoulders pattern on its daily chart, signaling a potential bearish reversal.
Weak Market Momentum
The pattern consists of three peaks, with the middle peak, or head, being higher than the two shoulders, and the neckline acting as a key support level, currently around $0.00002100.
A drop below the key support level could trigger further declines, with an estimated price target around $0.00001750, aligning with the 200 EMA support. Despite some minor bullish attempts, low trading volumes and a neutral RSI suggest weak market momentum.
A Critical Week
Meanwhile, the SHIB community has seen a 300% increase in token burns, and large holders, or whales, control over 565 trillion SHIB tokens, adding uncertainty to the price outlook. Many investors may cash out their SHIB due to this uncertainty, as it all depends on how SHIB performs this week.
If SHIB remains above the neckline and regains upward momentum, it could target resistance at $0.00002250 and $0.00002500, but a break below the neckline could push the price lower. Traders should monitor the $0.00002100 level closely for any signs of a breakout or breakdown.
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