In recent days, the sentiment in the Crypto Assets market has been sluggish, and the price of Shiba Inu (SHIB) has not been spared. On July 24, the price of SHIB dipped to $0.000013, a decrease of 2% compared to earlier. The daily volume shrank to $550 million. However, this round of adjustment may harbor opportunities.

On the technical front, SHIB has reached the 100-day moving average support level, forming a typical cup and handle pattern. The upper edge of this pattern is at $0.000016, and the lower edge is around last month's low of $0.000010, with a depth close to 36%. The current pullback is a necessary process to form the cup and handle pattern. If it can break through the neckline, a new round of increase may be on the horizon.

It is worth noting that SHIB has experienced an increase of about 60% since the low point on June 22, and the current pullback is likely due to profit-taking. This aligns with the general adjustment trend of other mainstream Crypto Assets such as Ethereum, Bitcoin, and Solana.

Despite short-term price pressure, on-chain data reveals positive signals. There are indications that some large investors are taking advantage of the dip to accumulate, which could lay the groundwork for a price rebound in the future.

For SHIB holders, although the current market environment is full of challenges, it may also harbor opportunities. The dual support of technical indicators and on-chain activities provides a certain optimistic expectation for SHIB's medium to long-term trend. However, investors still need to be vigilant about market risks and make cautious decisions.