So, Shiba Inu (SHIB) decided to play the price rollercoaster, breaking free from a short-term support but managing to cling onto the safety of a long-term one. Now, the big question is whether this long-term support will be the hero SHIB needs to turn the tide or if it’s just a temporary safety net.
Can Shiba Find Support?
Taking a peek at the technical analysis on a weekly basis, it’s clear that SHIB couldn’t quite keep up the momentum from its November 2023 breakout. Back then, it bravely shattered a descending resistance trend line that had been throwing shade for about 500 days. The result? A victorious climb to a peak of $0.000012 (cue the red icon), only to start a downward descent afterward.
Fast forward, and SHIB has been toying with that resistance trend line twice (the green icons), but sadly, no bounce magic has happened, even though it’s still trading above the trend line.
Now, checking out the weekly RSI (that’s the Relative Strength Index), it’s doing a bit of a bearish lean, although the confirmation is still hanging in the balance. Traders use this RSI thing to figure out if the market is throwing a party that’s too wild (overbought) or if it’s a bit of a ghost town (oversold). Right now, it’s like the RSI is falling, but it’s keeping it cool at 50 (enter the red circle).
SHIB Price Prediction: How Long Will the Decrease Continue?
Zooming into the daily time frame, the picture aligns with the weekly drama. SHIB has been cruising within an ascending parallel channel since June 2023, reaching a high of $0.0000120 in December (yes, another red icon moment).
But alas, the rejection hit, and SHIB stumbled after briefly hanging out above the $0.0000092 area, breaking down just yesterday. The daily RSI, currently below 50 and heading south, is basically giving a thumbs up to the bearish performance. Brace yourselves, because if this downward groove persists, SHIB might take a 12% nosedive to the channel’s support trend line at $0.00000800.
Despite the Bearish Vibes, Is There Hope?
Even with this gloomy SHIB price prediction, there’s a glimmer of hope. If SHIB manages to reclaim its hangout spot at $0.0000092, it could spark a 45% surge up to the channel’s resistance trend line at $0.0000124.
And there you have it, the ups and downs of the SHIB saga. Just remember, folks, this analysis is like a weather forecast for crypto – informative but not a financial crystal ball. Always do your research, maybe consult a crypto fortune teller, and make those money moves wisely.
