In the past week, SHIB has followed the overall weakness of the meme coin sector, declining over 11%. Key technical signals are present: its price is touching the lower support of the "bullish triangle formation." This formation typically indicates a potential upward breakout after consolidation. If SHIB can effectively hold the support and break through the upper resistance of the formation, theoretically, there is an upside potential of nearly 39%, targeting around $0.00001765.
Positive signals for support rebound, oversold signals appearing: SHIB's price has dropped near the lower Bollinger Band, and this position coincides with key chart support, suggesting that short-term oversold conditions may be accumulating rebound momentum.
Initial signs of capital inflow, the Money Flow Index (MFI) has rebounded from a low to around 35.67. Although it has not reached a strong zone, the directional change indicates that capital is beginning to tentatively flow in. If the MFI can continue to rise and break above the midline of 50, it will strengthen bullish expectations.
The biggest constraint, the shadow over the sector has not lifted, and the current biggest risk lies in the continued weakness of the entire meme coin sector, which has led the decline in the cryptocurrency market over the past week. The overall liquidity outflow from the sector poses significant limitations on SHIB's independent upside potential.
In summary, with attention to support and sector trends, SHIB shows potential for a technical rebound at key support levels, and indicators are beginning to warm up. However, whether it can truly initiate an upward movement hinges on whether the entire meme coin sector can stop its decline and attract capital inflow. Investors should remain cautiously observant, focusing on the strength of support defense and the overall emotional changes in the sector.
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