Shib Inu (SHIB) price has been under a correction phase for almost three months now. The SHIB price has lost 68% from the All-Time high of $0.0000883 and is still dropping lower under the influence of a falling wedge pattern. However, this pattern can provide a bullish opportunity if the price breaks free from its resistance trendline.
Previously on our price analysis on Shib Inu, the SHIB/USD pair lost crucial support of $0.000003. The SHIB price was discounted by more than 16% and dropped to the $0.000025 mark. The combined support of this horizontal level and support trendline provided sufficient demand for a bullish reversal.
However, SHIB price was rejected from the overhead trendline of this pattern and started to fall again. The SHIB token price trading above the 200 MA line maintains its bullish trend. However, on the flipped side, the 20 MA is providing strong dynamic resistance to coin price.
The daily-Stochastic RSI shows a bearish crossover among the K and D lines, supporting the ongoing selling in the market.
The SHIB price rejected from the $0.00003 resistance is steadily approaching the current lower support of $0.000025. If the price could breach this bottom support as well, the correction rally will extend and drop to even lower levels.
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