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▲ Shiba Inu (SHIB)
Shiba Inu (SHIB) rebounded to $0.0000051, but a warning has been issued that if it fails to surpass $0.0000055, it could fall back to its recent low.
According to U.Today, a cryptocurrency specialized media outlet, on June 16 (local time), Shiba Inu is showing the weakest structure among the analyzed assets. The price formed a rising wedge pattern for several months before breaking down.
After the pattern collapse, Shiba Inu plummeted to its recent low of $0.0000045. It later recovered to $0.0000051, but a technical rebound has not yet been confirmed. The price is below all major moving averages.
The 20-day exponential moving average is acting as the first resistance line. Above it, the 50-day and 100-day moving averages are also located. These moving averages are forming a resistance zone preventing further upward movement.
The Relative Strength Index (RSI) has recovered significantly from the oversold zone, approaching the neutral level of 50. This is a sign that bearish momentum has largely decreased. Trading volume also increased during the sell-off and subsequent rebound, indicating that buying pressure is attempting to form a bottom.
The key to a bullish reversal is the recovery of the broken wedge support line at $0.0000055-$0.0000057. If it fails to surpass this zone and trading volume decreases, it could retest the $0.0000045 area. Although Shiba Inu's underlying trend remains bearish, signs of a technical rebound are appearing after a prolonged decline.
*Disclaimer: This article is for investment reference only, and we are not responsible for any investment losses based on it. The content should be interpreted for informational purposes only.*
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