The Recent Shiba Inu Price Movement
The Shiba Inu (SHIB) price has faced rejection from multiple resistance levels, causing a subsequent decline in value. Currently, the price is hovering around a critical horizontal support area, leaving the question of whether it will bounce back or experience a breakdown.
The Technical Analysis
An analysis of the weekly timeframe reveals that SHIB has been under a descending resistance trend line since August 2022. The rejection from this trend line has fueled the ongoing downward movement, marking the third and fourth rejections. Although the SHIB price may be trading inside a descending wedge, its support line has not been validated enough times.
Read more: Shiba Inu (SHIB) Price Predictions
Traders use the RSI as a momentum indicator to determine market conditions. The current weekly RSI reading sits at 50, signifying an undetermined trend.
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Expert Opinions and Price Predictions
Cryptocurrency traders and analysts have varying opinions about the future SHIB price. Some believe that the trend is bullish as long as the price remains following an ascending support trend line.
MyAlgo, a trading algorithm, has given a bullish signal, which is expected to drive the SHIB price higher.
What to Expect: Breakout or Breakdown?
While a bullish breakout was initially observed, the subsequent rejection at the Fib retracement resistance level has introduced selling pressure. Additionally, the RSI has declined to a critical level, indicating uncertainty. The price currently trades within a horizontal support area, with potential outcomes of a breakdown to the nearest support or a bounce to the next resistance.
Hot Take: Shiba Inu’s Crucial Crossroads
The current Shiba Inu price movement has reached a critical juncture, with potential outcomes of a significant decline or an upward movement. As the price hovers around a horizontal support area, its next course of action remains uncertain, leaving traders and analysts on the edge of anticipation.
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