The Shiba Inu (SHIB) Price Bounces at Previous Resistance
The SHIB price had fallen under a descending resistance trend line since August 2022, reaching a low in June 2023. However, in December, SHIB finally moved above the trend line. Last week, the price validated the trend line as support before bouncing.
RSI Indicates Bullish Trend
Traders use the RSI as a momentum indicator to determine market conditions. With the RSI above 50, it suggests a bullish trend for SHIB.
SHIB Price Prediction: Has the Reversal Begun?
The daily time frame chart for SHIB is leaning positive. The price has been trading inside an ascending parallel channel since June 2022. While there was a downward movement after reaching a high in December, a bullish candlestick on January 8 indicates a potential reversal.
If SHIB can maintain support above $0.0000092, there is potential for a 27% increase to the channel’s resistance trend line at $0.0000123. However, if the price closes below $0.0000092, it could fall 22% to the channel’s support trend line at $0.0000077.
Hot Take: SHIB Price Bounces but Reversal Not Confirmed
The recent bounce in the SHIB price suggests potential bullishness and a reversal of the downward trend. However, it is important to monitor whether the price can maintain support above $0.0000092 for confirmation of the reversal. If not, there is still a possibility of further downside movement. Keep an eye on SHIB’s price action and key support levels to make informed trading decisions.
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