The Long-Term Channel
The Shiba Inu (SHIB) price has been trading within a descending parallel channel for over a year.
Shiba Inu Fails to Break Out
On the daily timeframe, the SHIB price has been trading within an ascending parallel channel since June. The recent price movement saw SHIB briefly break out above the resistance trend line but quickly fell back below it.
RSI Analysis and Bearish Divergence
The Relative Strength Index (RSI) indicates a mixed trend for SHIB, with the RSI above 50 but decreasing. Additionally, there is bearish divergence, which suggests a potential trend reversal.
Analyst’s Perspective
Cryptocurrency analyst Ali Martinez suggests that if SHIB maintains support at $0.0000103, it could reach $0.0000140. However, it is important to note that there have been no significant movements in the SHIB price despite a large withdrawal of $6 million worth of SHIB by Justin Sun.
Breakout or Rejection?
The 3-day chart for SHIB also does not confirm the direction of the trend. While SHIB briefly moved above the resistance trend line, it failed to sustain the increase and fell back below it. The future direction of the trend will depend on whether SHIB breaks out from its current channel or breaks down from the $0.0000100 area.
SHIB Price Prediction
A breakout could lead to a 40% increase in the SHIB price to $0.0000145, while a breakdown could cause a 22% drop to $0.0000080.
Hot Take: The Future of SHIB
The future of the Shiba Inu (SHIB) price remains uncertain as it continues to trade within its long-term channel. While there have been brief moments of breakout, the price has failed to sustain these increases. Traders are closely watching key support and resistance levels, as well as the RSI for any signs of a trend reversal. Analysts have differing opinions on the future direction of SHIB, with some predicting a breakout and others anticipating a rejection. Ultimately, the next major move in the SHIB price will determine its future trajectory.
By
By
By
By