The Shiba Inu (SHIB) Price Indicates Bearish Long-Term Trend
The price of Shiba Inu (SHIB) has dropped below an important horizontal support level at $0.0000080, suggesting a bearish long-term trend. Both the weekly and daily timeframes show bearish readings, supporting further decline towards the next nearest support.
Shiba Inu Price Descent Continues Below Support
According to weekly technical analysis, the SHIB price has been on a downward trajectory since August. It broke down from the critical $0.0000080 support area, which had previously acted as a support level for most of the period between May 2022 and now. The next closest support is at $0.0000060, indicating a potential 18% decrease. On the other hand, a breakout above $0.0000080 could lead to a 110% increase to the next resistance level at $0.0000150.
Despite these setbacks, Shibarium wallets reached 1 million in September.
RSI Signals Bearish Trend
The weekly Relative Strength Index (RSI) shows bearish tendencies, as it was rejected at the 50 line and is now below it. The RSI is a tool used by traders to determine whether a market is overbought or oversold. Readings below 50 indicate a bearish trend, reinforcing the bearish outlook for Shiba Inu’s price prediction.
SHIB Price Prediction: Price Loses Support, Resumes Downtrend
On the daily timeframe, the Shiba Inu price has also shown a bearish trend. It dropped below an ascending support line that had been in place since June and formed lower highs since then. The daily RSI confirms this bearishness, as it currently sits below the 50 mark with no signs of bullish divergence.
Considering these bearish indicators, the most likely future prediction for SHIB’s price is a decline towards the long-term support level at $0.0000060.
Potential Bullish Scenario
However, if SHIB manages to reclaim the $0.0000080 level, it would indicate a continuation of the bullish trend and invalidate the previous breakdown. In such a scenario, the SHIB price could potentially rise to the descending resistance line at $0.000010, representing a 32% increase from the current price.
Hot Take: Shiba Inu (SHIB) Price Shows Bearish Outlook
The Shiba Inu (SHIB) price has experienced a decline below an important support level, indicating a bearish long-term trend. Both the weekly and daily timeframes support this bearish outlook, with the RSI signaling a bearish trend. However, there is still a potential bullish scenario if SHIB manages to reclaim a key level. Overall, investors should closely monitor these developments to make informed decisions regarding their SHIB investments.
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