The Recent Shiba Inu (SHIB) Price Movement
The Shiba Inu price has faced rejection from multiple resistance levels, causing a subsequent decline in value. As of now, 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 outlines 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. Despite the fact that the SHIB price could be trading inside a descending wedge, its support line has not been validated enough times.
Read more: Shiba Inu Price Predictions
Traders use the RSI as a momentum indicator to determine market conditions. The present weekly RSI reading sits at 50, signifying an undetermined trend.
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Expert Opinions and Price Predictions
Digital currency traders and analysts have varying opinions about the future SHIB price. Several believe that the trend is positive trend as long as the price remains following an ascending support trend line.
MyAlgo, a trading algorithm, has given a positive trend signal, which is expected to drive the SHIB price higher.
What to Expect: Breakout or Breakdown?
Although while a positive trend breakout was at the beginning observed, the subsequent rejection at the Fib retracement resistance level has introduced selling pressure. In addition, the RSI has declined to a critical level, indicating uncertainty. The price as of now trades within a horizontal support area, with probable outcomes of a breakdown to the nearest support or a bounce to the next resistance.
Hot Take: Shiba Inu’s Crucial Crossroads
The present Shiba Inu (SHIB) price movement has reached a critical juncture, with probable outcomes of a whole lot of 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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