2023-9-2 22:00 |
The Shiba Inu (SHIB) price has fallen since its rejection in August and is now trading inside the $0.0000080 horizontal support area.
Whether the price bounces or breaks down will be key in determining if the future price trend is bullish or bearish.
Shiba Inu Price Rejection Takes It Back to SupportThe SHIB price has increased since its $0.0000054 low on June 10. The increase caused a reclaim of the $0.0000080 support area. Then, it took the price to a descending resistance line that has been in place for more than a year.
However, the line caused a rejection in August (red icon), causing a SHIB price drop to the $0.0000080 area.
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The rejection from the descending resistance line is a bearish sign for the SHIB price. If the downward movement causes a breakdown from the $0.0000080 area, the price can fall by another 25% and reach the $0.0000060 horizontal support area. On the other hand, a breakout from the resistance line can cause a 90% increase to the next resistance at $0.0000150.
SHIB/USDT Weekly Chart. Source: TradingViewThe weekly RSI is bearish. Traders utilize the RSI as a momentum indicator to assess whether a market is overbought or oversold and to determine whether to accumulate or sell an asset.
If the RSI reading is above 50 and the trend is upward, bulls still have an advantage, but if the reading is below 50, the opposite is true.
At the same time the price was rejected from the descending resistance line, and the RSI was rejected by the 50 line (red circle). The indicator is now below 50. This is a bearish sign that aligns with the price action. Therefore, the Shiba Inu price prediction is leaning bearish.
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SHIB Price Prediction: Will it Hold Above Support?The daily timeframe data also shows an uncertain trend.
On the positive side, The SHIB price broke out of a descending resistance line on July 12, resulting in an upward movement that pushed the price above the 0.5 Fib retracement resistance level at $0.0000103. Nevertheless, the price encountered rejection (red icon) and subsequently declined.
Currently, the SHIB price is trading near its levels before the breakout.
Likewise, the daily RSI provides a mixed signal. The indicator fluctuates above and below 50, suggesting an unclear trend. It is below 50, which means the trend is leaning bearish.
SHIB/USDT Daily Chart. Source: TradingViewIn summary, the future Shiba Inu price prediction hinges on whether it closes below the $0.0000080 level or rebounds within it. If there’s a rebound, there’s potential for an 85% price increase. However, a breakdown could lead to at least a 25% drop towards the nearest support at $0.0000060.
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The post Is Shiba Inu (SHIB) Price Set to Regain Key Level? appeared first on BeInCrypto.
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