The Shiba Inu (SHIB) Price Analysis and Prediction
The Shiba Inu (SHIB) price is currently trading below long- and short-term diagonal resistance levels, indicating a bearish trend. The recent validation of a confluence of resistances further reinforces this bearish outlook.
Key Points:
- The technical analysis on the weekly time frame reveals a breakdown of a symmetrical triangle pattern that had been present since June 2022.
- Breakdowns from long-term patterns like this usually lead to sustained downward movements.
- The SHIB price reached a horizontal support level at $0.0000058 after the breakdown, but the triangle’s support line rejected the price, suggesting a continued bearish trend.
- The weekly Relative Strength Index (RSI) is below 50 and falling, indicating a bearish trend.
- The daily time frame analysis aligns with the bearish outlook, as the price has been decreasing under a descending resistance line since February.
Despite this bearish prediction, if the SHIB price manages to break above the resistance line, it could indicate a bullish trend and potentially increase to the 0.5 Fib retracement resistance level at $0.0000011.
Hot Take:
The Shiba Inu (SHIB) price is currently facing strong resistance and is likely to continue its bearish trend. Traders should exercise caution and closely monitor the price action and technical indicators before making any investment decisions.
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