shoulders pattern, which is a bearish signal.
Looking at the daily chart, we can see that SHIB is currently trading below the 50-day and 200-day moving averages. This is a bearish signal that suggests that the trend is currently in favor of the bears. The next support level to watch is $0.000009, which is the low of January 19. If this level is broken, we could see SHIB fall further to $0.000007, which is the low of December 2020.
On the other hand, if SHIB manages to bounce back from the current level, the first resistance level to watch is $0.0000116. This is the neckline of the head and shoulders pattern, and a break above this level could signal a reversal of the current downtrend. The next resistance level to watch is $0.000015, which is the year-to-date high.
In conclusion, the technical outlook for Shiba Inu is currently bearish, with the next support level to watch at $0.000009. However, if SHIB manages to bounce back from the current level and break above the neckline of the head and shoulders pattern, we could see a reversal of the current downtrend. As always, investors should exercise caution and do their own research before making any investment decisions.
