The SHIBUSD pair experienced a decline starting from November 11, extending to the bullish flag’s lower line. This movement aligned with the RSI indicator, hovering in the overbought area then. In today’s trading session, SHIBUSD faced significant selling pressure, leading the pair to close below the flag.
Shiba Technical Analysis – Broken Flag & Bearish Bias
Currently, the Shiba price tests the broken flag, acting as resistance. The market has turned bearish, a sentiment supported by the RSI indicator lingering below the 50 level. If SHIBUSD maintains its position below the pivot, the next target for sellers could be the S2 support level.
Conversely, this bearish scenario would be invalidated if the SHIBUSD price closes and stabilizes above the pivot.