The Shiba Inu (SHIB) Price Rejection and Its Impact on Future Trends
The SHIB price has experienced a decline after being rejected in August, bringing it back to the $0.0000080 support area. Whether the price bounces back or breaks down from this level will be crucial in determining the future trend.
- The rejection from the descending resistance line is a bearish sign for the SHIB price.
- A breakdown from the $0.0000080 area could result in a 25% drop towards the $0.0000060 support area.
- On the other hand, a breakout from the resistance line could lead to a 90% increase towards the next resistance at $0.0000150.
- The weekly RSI is currently bearish, indicating a potential downward trend.
- Traders use the RSI to assess market conditions and make decisions on buying or selling assets.
SHIB Price Prediction: Will it Hold Above Support?
The daily timeframe data also presents an uncertain trend for the SHIB price.
- The SHIB price previously broke out of a descending resistance line, but encountered rejection and subsequently declined.
- The daily RSI fluctuates above and below 50, signaling an unclear trend.
- Currently, the SHIB price is trading near its levels before the breakout.
Hot Take
The future Shiba Inu price prediction depends on whether it closes below the $0.0000080 level or rebounds within it. A rebound could lead to an 85% price increase, while a breakdown may result in a 25% drop towards the nearest support at $0.0000060.
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. Guiding both seasoned adventurers and inquisitive newcomers, Bernard’s insights forge a compass for informed decision-making within the ever-evolving tapestry of cryptocurrencies. With the artistry of a wordsmith, they craft a narrative that enriches the evolving chronicle of the crypto cosmos.
