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Shiba was unable to breakout above the recently formed pennant pattern in the weekly timeframe. Usually pennants are bullish but if the pattern fails a huge downside can be expected, indicating weakness and dominant sellers.
The next likely support is only at the moving averages, with both the 50d and 100d roughly at the same place (price tags on the right hand side). If the markets do not turn around in the immediate future, SHIB could drop as much as 40%, since it drops much harder than BTC and ETH during liquidity rotations.
Considering that this is the weekly timeframe, it may take some time for the price to reach the moving averages trendlines.
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SHIBUSDT
Shiba was unable to breakout above the recently formed pennant pattern in the weekly timeframe. Usually pennants are bullish but if the pattern fails a huge downside can be expected, indicating weakness and dominant sellers.
The next likely support is only at the moving averages, with both the 50d and 100d roughly at the same place (price tags on the right hand side). If the markets do not turn around in the immediate future, SHIB could drop as much as 40%, since it drops much harder than BTC and ETH during liquidity rotations.
Considering that this is the weekly timeframe, it may take some time for the price to reach the moving averages trendlines.
_______________________
📢Follow us here on TradingView for daily updates📢
👍Hit like & Follow 👍
CryptoCheck
SHIBUSDT
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