The Resistance Trend Line Rejected Shiba Inu (SHIB) Last Week
If you look at the technical analysis on a weekly time frame, you will see that Shiba Inu has been trading below a descending resistance trend line since August 2022. The trend line rejected the SHIB price last week, marking the third unsuccessful breakout attempt. It’s possible that the Shiba Inu price is moving within a descending wedge pattern, but this long-term pattern hasn’t been confirmed yet due to the support line not being validated enough times.
When analyzing the Relative Strength Index (RSI), which is a key momentum indicator, it’s uncertain for SHIB. Typically, an RSI above 50 in an upward trend signals bullish control, while below 50 suggests the opposite. However, in SHIB’s case, the RSI is rising but remains below 50.
Shiba Inu (SHIB) Price Prediction – Can Breakout Initiate Reversal?
On the daily time frame, the outlook for Shiba Inu isn’t clear. The price broke out from a descending parallel channel and reclaimed the $0.00000840 area but was rejected by the 0.618 Fib retracement resistance level afterward. Some traders are bullish about SHIB’s prospects and believe that an ensuing breakout will take SHIB above the $0.0000100 level.
The future SHIB price prediction hinges on whether the price breaks down from the $0.0000084 horizontal support area or bounces above it instead. A breakdown could trigger a 15% drop to the closest support at $0.0000070, while a bounce could lead to a 25% increase to the next resistance at $0.0000105.
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In conclusion, as an investor in Shiba Inu (SHIB), you need to pay attention to how it behaves around these key levels and indicators to make informed decisions about its future movement.
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