The Shiba Inu (SHIB) Price Breaks Descending Resistance Trend Line
The Shiba Inu (SHIB) price has broken out of a descending resistance trend line that has been in place since the beginning of the year. However, it is now facing resistance at a horizontal level, and the question is whether it can break out above this resistance.
SHIB Reaches Horizontal Resistance
On the daily time frame, the SHIB price has followed a descending resistance trend line since January. It reached a low of $0.0000048 on June 10 before breaking out from the trend line on December 3. However, it was rejected by a pivotal resistance area, creating a bearish candlestick on December 11.
RSI Indicates Bullish Trend
The Relative Strength Index (RSI) is currently rising and sits above 50, indicating signs of a bullish trend for SHIB.
Shibarium Updates and Milestones
The sixth edition of The Shib magazine has been released, providing insights on Shibarium updates, MareBears, community contributions, and more. Additionally, Shibarium has reached 100 million transactions, marking a significant milestone for the Layer-2 blockchain.
SHIB Price Prediction β When Will Breakout Occur?
According to Elliott Wave theory, the SHIB price is in wave three of a five-wave upward movement. It is currently attempting to break out from a parallel channel, which will confirm the bullish trend.
Potential Price Targets
The first potential target for the SHIB price is 25% above its current price at $0.0000125. However, if wave three is 2.61 times the length of wave one, the price could reach $0.0000156, representing a 55% increase.
Failure to Break Out
If SHIB fails to break out from the channel, it could lead to a 17% decrease towards the support trend line at $0.0000084.
Hot Take: SHIB Price Breaks Resistance but Faces Hurdles Ahead
The Shiba Inu (SHIB) price has successfully broken out of a descending resistance trend line, signaling a potential bullish trend. However, it now faces resistance at a horizontal level, and its ability to break out above this resistance is uncertain. Traders are monitoring the Relative Strength Index (RSI) for further confirmation of the bullish trend. Additionally, recent updates on Shibarium and milestones achieved by Shiba Inu add to the overall positive sentiment. However, it is crucial for SHIB to successfully break out from the parallel channel to solidify the bullish trend. Failure to do so may result in a significant decrease in price. Overall, the SHIB price is at a critical juncture as it navigates through key resistance levels.
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