So, Shiba Inu (SHIB) is on a bit of a rollercoaster, and it’s been sliding down since December 17, 2023, when it got the cold shoulder from a resistance trend line. The poor thing even slipped below a short-term horizontal area. The big question now is: Can it bounce back, or are we in for more downward spirals?
Shiba Inu’s Dance with Resistance
Let’s dive into the nitty-gritty. A peek at the daily time frame reveals that Shiba Inu has been doing its thing inside an ascending parallel channel since June 2023. The peak of this dance party happened on December 17, 2023, with a high of $0.00000120. But then, the channel’s resistance trend line came along, gave it the side-eye, and since then, SHIB’s been taking a step back.
The beginning of the year wasn’t any kinder. SHIB went below the channel’s midline and took a tumble beneath a short-term horizontal area on January 21, 2024. Now, Shiba Inu is grooving in the channel’s lower region.
And oh, don’t forget to check out the daily Relative Strength Index (RSI). It’s not giving off good vibes – it’s in bearish mode. Traders use the RSI to figure out if the market is in a party mood (overbought) or feeling a bit antisocial (oversold). Right now, the RSI is below 50, and the trend is down – not the kind of party we want to be at.
SHIB Price Crystal Ball: How Long’s the Slide?
Now, let’s take a look at the six-hour chart, which is like a sneak peek into SHIB’s immediate future. Spoiler alert: It’s not looking like a feel-good movie. The six-hour chart shows SHIB chilling in the lower part of a short-term descending parallel channel. Recently, it got the boot (marked with a red circle) from the midline.
The RSI is still on the decline and below 50, in harmony with our bearish outlook. Brace yourselves – if SHIB keeps sliding, it could drop by another 12% and land on the next cozy support at $0.0000077. That’s a horizontal support area and also happens to be where the support trend lines of the long- and short-term channels throw a little party.
But hold up! Before you get too gloomy, there’s a glimmer of hope. If SHIB can claw its way back and reclaim the channel’s midline, we might witness a 10% surge up to the resistance trend line at $0.0000095.
So, what’s the bottom line? Keep an eye on SHIB’s moves, and remember, this is just a casual chat about the market – not financial advice. Things change, and the crypto world is full of surprises. Always do your own research and maybe chat with a pro before making any money moves. Cheers to riding the crypto waves!
