Disclaimer: The findings of the following analysis are the sole opinions of the writer and should not be considered investment advice. Shiba Inu witnessed a bearish pattern on the daily chart The meme-token’s funding rate on FTX turned positive over the last two days The token saw a slight decline in its Social Dominance After an […]
The findings of the following analysis are the sole opinions of the writer and should not be considered investment advice.The meme-token’s funding rate on FTX turned positive over the last two daysAfter an expected breakdown from its descending triangle setup,Here’s AMBCrypto’sConsequently, the sellers re-entered the market to propel a pull toward the $0.0103-baseline. A conceivable break below the current pattern could spur a near-term decline before a likely rebound.
Looking at the bearish pennant setup on the daily chart, sellers could be keen on inflicting a pulldown from the confluence of the 50 EMA and the $0.0118-resistance. This rejection of higher prices could propel a decline below the pattern. A close below the 20 EMA would further reaffirm these chances.
Additionally, the volume oscillator marked lower peaks during the recent growth on the chart. This reading highlighted a slight weakness of the previous bull run.Since mid-September, SHIB’s social dominance saw a consistent decline. On the contrary, its price action marked a slight uptick. This reading projected the confidence of the SHIBArmy, regardless of the traction.
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