Shiba Inu Price Analysis: Can SHIB Reach $0.00001 Again?
After a strong rally, the Bitcoin price is facing resistance at $52,000, which is impacting the altcoin market, including Shiba Inu. As a result, Shiba Inu’s price has dropped by 4% to $0.00000947. It’s important to monitor the support trendline that has historically provided dynamic support for SHIB’s price recovery.
With low trading volume, a minor retracement may occur before bullish momentum resumes. The ascending support trendline will be crucial for buyers to regain control and initiate a lasting price recovery. If successful, the SHIB price could increase by 11.5% to reach $0.0000105.
Wedge Pattern Influences SHIB Price Downtrend
The SHIB price is forming a falling wedge pattern on the weekly chart, characterized by converging trendlines. If the anticipated rally reaches $0.0000105, it will test the upper boundary of the pattern, which could trigger a new correction trend for Shiba Inu.
Technical Indicator:
- Bollinger Band: An upswing in the upper boundary of the Bollinger band indicator indicates bullish momentum.
- Relative Strength Index (RSI): The daily RSI slope has dropped to 50%, reflecting neutral sentiment among market participants.
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