2023-4-1 19:00 |
Despite a breakout, the Shiba Inu (SHIB) price has failed to sustain its increase. Two levels are crucial for determining the future trend.
Shiba Inu is a self-proclaimed Dogecoin (DOGE) killer with its own decentralized exchange, ShibaSwap. It is an ERC-20 token, a counterpart to Dogecoin which uses a Scrypt-based mining algorithm.
The weekly time frame readings for the Shiba Inu price provide an undetermined outlook. While the price broke out from a descending resistance line and validated it as support (green icon), it has failed to sustain its increase.
Moreover, the weekly RSI is right at 50, indicating an undetermined trend. As a result, a look at a lower time frame is required to determine the future trend.
SHIB/USDT Daily Chart. Source: TradingView Will Shiba Inu (SHIB) Price Breakout Precede Increase?The technical analysis from the daily time frame supports the scenario in which the SHIB price will increase considerably. It shows that the SHIB price broke out from a short-term descending resistance line, aligning with the readings from the weekly chart.
Moreover, the wave count aligns with an increase. Starting in January, the SHIB price completed a five-wave upward movement and then an A-B-C correction, which ended at the 0.786 Fib retracement support level.
However, despite the breakout, the Shiba Inu price has failed to increase considerably. If an increase begins, the digital asset could move to the $0.0000122 resistance area. However, if SHIB falls below its March low at $0.0000096, it will invalidate the bullish wave count and could cause a drop to $0.0000080.
SHIB/USDT Daily Chart. Source: TradingViewTo conclude, while the SHIB breakout was expected to lead to a significant increase, an upward movement has yet to transpire. Whether the price confirms its higher low or decreases below $0.0000096 could confirm the future trend’s direction.
A higher low would lead to an attempt at breaking out above the $0.0000122 resistance area, while a decrease could lead to lows near $0.0000080.
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The post Shiba Inu (SHIB) Price Struggles Continue Despite Breakout appeared first on BeInCrypto.
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