Shiba Inu (SHIB) Price Hits a Crossroad: Bounce or Further Downtrend?

2023-9-22 17:30

The Shiba Inu (SHIB) price broke down from the $0.0000080 horizontal support area, a sign of a bearish trend.

While the weekly timeframe readings are decisively bearish, the daily timeframe offers a more neutral outlook.

Shiba Inu Price Continues Falling Towards Support

The technical analysis in the weekly timeframe provides a bearish SHIB price outlook. The price action shows that the meme coin has been falling since it was rejected by a resistance line in August (red icon). The decrease caused a breakdown from the $0.0000080 horizontal support area. The area will now likely provide resistance.

Crypto investing, simplified. Get SHIB price predictions here.

Besides the rejection, the weekly RSI provides a bearish outlook. By using the RSI as a momentum indicator, traders can determine whether a market is overbought or oversold and decide whether to accumulate or sell an asset.

If the RSI reading is above 50 and the trend is upward, bulls have an advantage, but if the reading is below 50, the opposite is true. The indicator has been rejected by the 50 line (red circle) and is falling, both signs of a bearish trend.

SHIB/USDT Daily Chart. Source: TradingView

If the cryptocurrency continues to fall, the next closest support area will be at $0.0000060, a drop of 18% from the current price. On the other hand, a sudden increase in momentum and breakout from the descending resistance line will likely cause a 100% increase to $0.0000150. Currently, this does not seem likely.

Your crypto compass is here. Navigate with us.

SHIB Price Prediction: Where to Next?

The analysis from the six-hour timeframe offers conflicting readings, coming from both the price action and the RSI.

The SHIB price broke down from an ascending support line on Aug. 17, confirming that the previous upward movement had ended.

However, the price movement since has been contained inside a descending parallel channel. These channels often contain corrective movements, meaning that an eventual breakout is expected.

Additionally, the price bounced at the channel’s support line on Sept. 11 (green icon). This bounce coincided with the minor $0.0000072 horizontal support area.

The six-hour RSI is also unclear. While the indicator is increasing, it is still below 50, making the future trend undetermined.

If the price were to continue decreasing, it will reach the $0.0000060 area on Oct. 12, since at that time the area will coincide with the channel’s support line.

SHIB/USDT Six-Hour Chart. Source: TradingView

However, the SHIB price prediction could turn bullish if a breakout from the channel occurs. In that case, a 30% increase to the long-term resistance line at $0.0000095 will be likely.

Check Out the 9 Best AI Crypto Trading Bots to Maximize Your Profits

For BeInCrypto’s latest crypto market analysis, click here.

The post Shiba Inu (SHIB) Price Hits a Crossroad: Bounce or Further Downtrend? appeared first on BeInCrypto.

Similar to Notcoin - TapSwap on Solana Airdrops In 2024

origin »

ETH/LINK Price Action Candlestick Set (LINKETHPA) на Currencies.ru

$ 467.1 (+0.48%)
Объем 24H $0
Изменеия 24h: 0.85 %, 7d: 17.53 %
Cегодня L: $453.49 - H: $467.1
Капитализация $0 Rank 3676
Доступно / Всего 0 LINKETHPA

price shiba inu shib further downtrend bounce

price shiba → Результатов: 126


Shiba Inu (SHIB) Price Faces Make-Or-Break Moment

The deep correction in the crypto market, led by the collapse of the Bitcoin price, has pushed the Shiba Inu (SHIB) price back into bearish territory. From a technical point of view, new bull moves are far away at the moment; before that, an make-or-break price level has to be defended and a resistance level that has manifested itself since the beginning of March has to be broken.

2023-4-24 15:45


Фото:

Shiba Inu (SHIB) Price Analysis: Could Robinhood and Kraken listings save the token after the recent dip?

Shiba Inu SHIB/USD is a decentralized cryptocurrency that was created in 2020 by an anonymous person or group of people under the pseudonym Ryoshi.   It is an Ethereum-based ERC-20 token heavily inspired by Dogecoin, which over time evolved into its own ecosystem, consisting of ShibaSwap as well as the LEASH and BONE tokens.

2021-11-4 16:48