Shiba Inu flashes a bear signal as the correction starts

• Shiba Inu SHIB corrects after last win

• Shiba Inu blockchain teamed up with The Third Floor for its metaverse project.

• The cryptocurrency enters the consolidation zone

The past week has been good for crypto buyers as most of the tokens were returned in double digits. However, it is now time for corrections as investors take profits. Shiba Inu SHIB/USD is one of the tokens in a correction wave and short term investors should be careful.

There have been few developments on Shiba Inu lately. On July 20, the network announced a partnership with The Third Floor. The partnership with the US visualization company will power the blockchain for its metaverse project. The Shiba Inu metaverse is already being closely watched. However, Shiba Inu investors can wait for more than just a partnership. The launch of the metaverse will be a game changer, but for now, SHIB investors are just speculating.

SHIB/USD has lost 4.58% in the last 24 hours at the time of writing. The drop means a lot to SHIB as the cryptocurrency enters a bearish market.

Shiba Inu Forms Bearish Pin Bar At Resistance

Source – TradingView

Technically, SHIB is bearish. MACD indicators are bullish, but that doesn’t match the technical levels. The token appeared to have overcome the $0.000012 resistance after breaking through it. Now it turns out it was a fake outbreak. A bearish reversal has resulted in the formation of a bear pin bar. We expect the price to continue sliding until the cryptocurrency finds support near $0.00001.

Overview

Shiba Inu token is bearish as correction occurs at key resistance. SHIB may continue to fall and find support at $0.00001. Investors should consider selling now for a chance to buy lower at the support.

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