The price of Shiba Inu ($SHIB ) is showing signs of a possible reversal after a 21% drop over the month, to $0.0000123. Technical indicators signal a weakening of bearish pressure and a potential recovery. Specifically, the Chaikin Money Flow (CMF) is rising to 0.08, indicating strengthening buying pressure, while the Balance of Power (BoP) remains in positive territory at 0.04. The BBTrend indicator has risen to 0.54 after negative -3.25, indicating a shift in momentum in favor of bulls.
Furthermore, a 'reverse head and shoulders' pattern is forming on the weekly chart, which could herald a rise to $0.000081 — a potential increase of 512%. The average holding time for SHIB has increased by 30%, indicating confidence among long-term investors.
To confirm the rise, SHIB needs to overcome resistance at $0.0000134 (20-day EMA). If successful, the price could reach $0.0000147 or even $0.0000160. However, the risk of a 'death cross' on the EMA remains, which could push the price down to $0.0000118.
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