Bearish Pattern Printed by Shiba Inu in Contrast to Dogecoin’s Strength: A Review of Bull vs. Bear Case
Shiba Inu’s “doge killer” cryptocurrency saw a slight increase in trading during Tuesday’s 24-hour trading session, while Dogecoin and wider crypto markets were trading lower due to lower-than-expected inflation in US CPI data released by the Labor Department. Despite a possible bear flag pattern on the daily chart, bullish traders may still see potential for a short-term rise within the channel or triangle pattern. Aggressive traders can buy at the lower trend line and sell at the higher trend line. Shiba Inu’s bear flag pattern originated on June 10 with a downward sloping pole, and if broken on higher-than-average volume, the measured move could result in an 18% fall towards $0.00000576. The cryptocurrency is also trading in a downtrend, making a series of lower highs and lower lows with recent highs around $0.00000825 and lows around $0.00000639. Bearish traders hope to see a breakdown from the flag pattern on higher-than-average volume, while bullish traders want to see Shiba Inu regain the eight-day exponential moving average as support to negate the bear flag and print a higher low to end the downtrend. Shiba Inu has support at $0.00000600 and $0.00000650 and resistance at $0.00000738 and $0.00000793.