Critical Test Ahead for Shiba Inu (SHIB) Price: Will it Rebound or Decline? Boost Your SEO

Critical Test Ahead for Shiba Inu (SHIB) Price: Will it Rebound or Decline? Boost Your SEO

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.

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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.

SHIB/USDT Weekly Chart
SHIB/USDT Weekly Chart. Source: TradingView

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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.

SHIB Price Movement
SHIB/USDT Daily Chart. Source: X

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.

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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.

Author – Contributor at | Website

Bernard Nicolai emerges as a beacon of wisdom, seamlessly harmonizing the roles of crypto analyst, dedicated researcher, and editorial virtuoso. Within the labyrinth of digital assets, Bernard’s insights echo like a resonant chord, touching the minds of seekers with diverse curiosities. His talent for deciphering the most intricate strands of crypto intricacies seamlessly aligns with his editorial finesse, transforming complexity into a captivating narrative of comprehension.

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