#CryptoPickk noted in the chart:
1) The Shiba Inu price is currently in a Pattern (or Descending Pattern) since October 28, 2021.
2) The channel has been tightening over the period of a month and currently testing a major where the price met an all time high in early May 2021. This is outlined by the blue dash horizontal line.
3) Though a or descending pattern is considered , the price may still have room to drop as the entire cryptocurrency market is down with potential for more downside as Bitcoin has potential to go lower still.
4) In May 2021, when the price hit the All Time High, it corrected 83%. This time, the price may be supported by the 100 MA (orange line), which is also sitting around support areas from the prior consolidation (green dash line).
5) From the current All Time High price to the 100 MA, the price would correct about 70%. From the current price point to the 100 MA, the price still has potential to correct another 30% (green dash line).
6) The ( ) is not oversold yet and has been moving in a as well. I noted three other similar trends with the oval shape showing the breakout of the trend.
7) The ( ) is coming out of the oversold region but has potential to hover there for a bit longer similar to the prior periods shown in oval shapes.
8) The has picked up recently but not enough to have a breakout or breakdown yet.
9) Since it is a or descending , there is a higher probability to break to the upside but current market conditions may provide otherwise. Keep an eye on Bitcoin and Ethereum .
10) Lastly, this is Shiba Inu, so anything is possible. :)
What are your opinions on this?
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