Shiba Inu Drops To Floor Of Rising Channel, Attempts To Jump: The Bull, Bear Case
Portfolio Pulse from Melanie Schaffer
Shiba Inu (CRYPTO: SHIB) dropped over 2% on Thursday, in line with the general crypto sector and stock market, following a hawkish statement from the Federal Reserve. The crypto tested the lower trend line of a rising channel pattern as support, which is bullish in the short term but could be bearish later. Bullish traders may buy at the lower trend line and exit at the upper trend line, while bearish traders will watch for a downward break from the lower ascending trend line.
September 21, 2023 | 4:47 pm
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Shiba Inu dropped over 2% and tested the lower trend line of a rising channel pattern. This could indicate a bullish short-term trend but a potential bearish trend later.
The drop in Shiba Inu's price is in line with the general crypto sector and stock market, indicating that it's not specific to the crypto itself. The testing of the lower trend line of a rising channel pattern could indicate a bullish short-term trend, but if it breaks this pattern, it could signal a bearish trend.
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IMPORTANCE 75
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