So, let’s talk about Shiba Inu’s recent journey on the price rollercoaster. Things started going south around December 17, 2023, when the price got a cold shoulder from a diagonal resistance trend line. Not the best start to the holiday season for our Shiba friend.
Currently, SHIB finds itself below a horizontal support zone, tangled up in what seems to be a short-term bearish dance. Picture it as Shiba Inu navigating a tricky maze in the crypto world.
Shiba Inu Takes a Breather Below the Resistance Line
Zooming into the daily timeframe, the technical analysis paints a story of rejection. The ascending parallel channel’s resistance trend line marked a turning point for SHIB on that fateful December day. It made a valiant effort to stay above the $0.0000093 support area but ended up breaking down on January 22. What followed was a love story gone wrong, as SHIB tried to rekindle things with the support area, only to find it had turned into a stubborn ex, now a resistance on January 29.
Oh, and there’s a red circle on the daily Relative Strength Index (RSI). Apparently, when this RSI thing is above 50 and the trend is up, bulls are happy campers. But for SHIB, the RSI made several attempts to break above 50, all ending in heartbreak, leaving it trading below that level. Ouch.
Forecasting SHIB’s Future: A Tale of Bears and Bulls
Now, let’s shift to the shorter six-hour timeframe, where things get a bit bearish. SHIB is playing inside a descending triangle, a pattern known for bringing gloom and doom. The six-hour RSI seems to be on the bearish bandwagon, getting rejected by the 50 trend line like it’s swiping left on a dating app.
If SHIB decides to break free from this triangle, brace yourself for a potential 16% dip to the channel’s support trend line at $0.0000076. On the flip side, if our Shiba friend manages to break through the resistance trend line, we might witness a 23% joyride to the next resistance at $0.0000110.
In the midst of all this price prediction drama, it’s worth noting that the future is uncertain, and market conditions can be as unpredictable as a cat in a room full of laser pointers. As always, do your own research and maybe consult a crypto sage before making any financial moves. Cheers to the crypto rollercoaster!