So, guess what happened on January 8? Shiba Inu (SHIB) did a little bounce dance, confirming its coolness by sticking to a horizontal support zone. Now, the burning question is, can SHIB keep the groove going and break free from its correction moves, or is it destined for a downward spiral?
Shiba Inu’s Breakthrough and Test Drive
Let’s dive into the techy stuff. On the weekly chart, SHIB took a nosedive below a trend line that was keeping it in check since August 2022. It hit a low of $0.0000054 in June 2023. Ouch. But, don’t underestimate SHIB; it’s a survivor. After some struggles, it finally broke free from the trend line prison in December after being confined for a whopping 480 days.
Post-breakout, SHIB partied at $0.000011 (marked with a snazzy red icon) but then decided to cool off a bit. Last week, it gave a nod to its former enemy, turning the resistance line into a buddy (now marked with a green icon) before making a comeback.
Now, let’s check the vibes with the Relative Strength Index (RSI). Above 50? It’s bullish. Below 50? Not so much. Right now, the RSI is flexing its bullish muscles, indicating that SHIB might be gearing up for a good time.
SHIB Price Nostradamus: Jump or Plummet?
Fast forward to the daily chart – it’s looking pretty positive. Despite getting rejected by a trend line on December 17, SHIB found solace above a horizontal support spot on January 8, lighting up a green candlestick of hope.
The bounce confirmed that $0.000009 is the place to be. Currently, SHIB is eyeing the channel’s midline, ready to strut its stuff. But hold up, the daily RSI hasn’t totally committed to the bullish squad yet.
Meanwhile, the SHIB token burn is on fire! In the last 24 hours, more than 36 million SHIB tokens went up in smoke, a jaw-dropping 600% increase. The weekly burn? It skyrocketed by over 11,000%. Team SHIB even tweeted about it.
Now, here’s the crystal ball moment: If SHIB breaks through the channel’s midline, expect a 28% boost up to the resistance trend line at $0.000012. But, and there’s always a but, if SHIB nosedives below $0.000009, the party’s over. It could drop by 23% to the channel’s support trend line at $0.000008.
And remember, folks, this rollercoaster of crypto predictions is just for kicks. It’s not financial advice. Do your homework, chat with the pros, and always read the fine print. Happy trading!
