Shiba Inu Coin: Technicals Point to a Bearish Price Structure
Updated
Ever since Shiba Inu coin made a new high back in 2021 November, the price movement has shifted to a long-term bearish market. Recent price structure shows a descending triangle pattern, supported by price continously making lower lows. Therefore, current market is still bearish and the price could easily break the support level of the descending triangle pattern. For a bullish reversal, price needs to at least close above 3400 level in order to make a higher high.
Note
With that being said, if the price drops below 1000 level, we think it is a great value for a long-term investment. We don't have any Shiba Inu coin in our crypto portfolio at the moement but will certainly consider to buy a handful
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