The Shiba Inu (SHIB) Price Rejection and Its Impact on Future Trends
The SHIB price has experienced a decline after being rejected in August, bringing it back to the $0.0000080 support area. Whether the price bounces back or breaks down from this level will be crucial in determining the future trend.
- The rejection from the descending resistance line is a bearish sign for the SHIB price.
- A breakdown from the $0.0000080 area could result in a 25% drop towards the $0.0000060 support area.
- On the other hand, a breakout from the resistance line could lead to a 90% increase towards the next resistance at $0.0000150.
- The weekly RSI is currently bearish, indicating a potential downward trend.
- Traders use the RSI to assess market conditions and make decisions on buying or selling assets.
SHIB Price Prediction: Will it Hold Above Support?
The daily timeframe data also presents an uncertain trend for the SHIB price.
- The SHIB price previously broke out of a descending resistance line, but encountered rejection and subsequently declined.
- The daily RSI fluctuates above and below 50, signaling an unclear trend.
- Currently, the SHIB price is trading near its levels before the breakout.
Hot Take
The future Shiba Inu price prediction depends on whether it closes below the $0.0000080 level or rebounds within it. A rebound could lead to an 85% price increase, while a breakdown may result in a 25% drop towards the nearest support at $0.0000060.
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