The post Shiba Inu in trouble: Is a comeback possible after a 12% plunge? appeared on BitcoinEthereumNews.com.

Shiba Inu bears dominated this week, making it one of the top losers. SHIB wedge pattern underscores breakout possibility but on-chain data reveals weak demand. Shiba Inu [SHIB] has concluded the week as one of the biggest losers among the top 20 cryptocurrencies. However, its performance highlights some interesting observations which may pave the way for a strong bullish comeback. Shiba Inu was down by more than 12% in the last seven days. This performance made it the second most bearish coin in the list of top cryptocurrencies by market cap according to Coinmarkecap. The downside also wiped out most of the gains that it had achieved earlier this month, bringing it within 5% of its October opening price. The Shiba Inu performance was noteworthy because the memecoin has been trading within a wedge pattern and had already converge into the tight squeeze zone. The latest dip almost interacted its ascending support level, raising the possibility of another bullish bounce back. Source: TradingView SHIB had already bounced back by 6.15% to its press time price of $0.000016 at the time of writing. This confirmed that it did experience a significant demand resurgence in the last 24 hours which may foreshadow a potential bullish revival. Shiba Inu had previously demonstrated a strong uptick at the tail end of September. However, the wedge pattern explains why any rally attempts after that were restricted. But that may change now that chances of a pattern break are quite high. Evaluating the state of Shiba Inu accumulation The SHIB wedge pattern should technically induce some activity that might allude to the possibility of a recovery and breakout, or an opposing outcome. The latest data on large holder flows revealed that more whales were moving Shiba Inu from their balances than whales adding to their balances.…

---

Filed under: News - @ October 27, 2024 8:05 am