Shiba Inu Outpaces Dogecoin But Enters A Bear Flag Pattern
Portfolio Pulse from Melanie Schaffer
Shiba Inu (CRYPTO: SHIB) has been outperforming Dogecoin but is potentially entering a bear flag pattern, indicating a possible downward trend. The crypto has been making a series of lower highs and lower lows, with resistance above at $0.00000738 and $0.00000774 and support below at $0.00000694 and $0.000006. The bear flag pattern would be negated if Shiba Inu regains the eight-day exponential moving average and the relative strength index rises.
September 13, 2023 | 7:48 pm
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Shiba Inu (CRYPTO: SHIB) may be entering a bear flag pattern, indicating a potential downward trend. The crypto has resistance above at $0.00000738 and $0.00000774 and support below at $0.00000694 and $0.000006.
The bear flag pattern is a technical analysis pattern that signals a continuation of a downtrend. The pattern is formed when the price drops significantly, then consolidates and moves in a narrow range with slight upward bias. If Shiba Inu is indeed forming this pattern, it suggests that the price may continue to fall in the short term. The resistance and support levels mentioned in the article further support this analysis.
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