Shiba Inu (SHIB), the popular meme coin, has experienced a significant price drop, forming a large “falling knife” pattern on its daily chart.
This technical term indicates a sharp decline followed by a long shadow, suggesting buying pressure attempting to halt the fall.
The price of SHIB is currently hovering around $0.000019, just above its recent low. The level that previously provided support, $0.000020, is now acting as resistance.
The future direction of SHIB remains uncertain. If the price can hold above $0.000019, especially with increased trading volume, a rebound might be possible.
The next target for bulls (investors hoping for a price increase) is $0.000022. If this level turns into support, it could pave the way for a further rise towards $0.000025.
However, if SHIB falls below $0.000019 and breaks through the $0.000017 support level, it could indicate a continuation of the downward trend.
The presence of downward sloping moving averages and a lack of significant buying pressure suggest further challenges for the meme coin.
Investors are closely watching the $0.000019 and $0.000017 levels, as these will likely determine SHIB’s short-term trajectory.
The large size of the candle’s shadow offers a glimmer of hope for a potential turnaround, but whether this materializes depends on continued buying pressure.
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