The Shiba Inu (SHIB) price falls after rejection
The SHIB price has fallen under a descending resistance trend line since the start of the year. The trend line rejected the price twice, most recently on November 11, creating lower highs. This rejection caused a downward movement in the SHIB price.
Is SHIB attempting to reclaim a key resistance level?
The SHIB price may have followed an ascending support trend line since June, creating a symmetrical triangle pattern with the resistance. However, the support trend line has not been validated enough times. The RSI is currently at 50, indicating an undetermined trend.
What do the analysts say about SHIB?
According to cryptocurrency trader and analyst John Morgan, there is a risk of further downside for the SHIB price due to a breakdown from the symmetrical triangle pattern. However, other accounts are bullish on the possibility of an increase due to a significant increase in the SHIB burn rate.
SHIB Price Prediction – Is the Bottom In?
A closer look at the daily timeframe shows conflicting signs for SHIB. The price action suggests that it was rejected by a Fib retracement resistance level and fell below a key support level. However, the wave count suggests that the price has completed a corrective structure and indicates a bullish trend.
Final Thoughts
The future trend of SHIB will depend on whether it moves above or gets rejected from the $0.00000840 area. Breaking out from this area could lead to a 30% increase, while a rejection could result in a 13% decrease.
Hot Take: Will SHIB Reclaim its Key Resistance Level?
The SHIB price has faced rejection from a descending resistance trend line, causing a downward movement. However, there are conflicting opinions among analysts about the future direction of SHIB. The price action suggests further downside, while the wave count indicates a bullish trend. Ultimately, the SHIB price’s movement above or below the $0.00000840 area will determine its future trend.
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