2023-3-3 17:00 |
The Shiba Inu (SHIB) price is in the final wave of a corrective movement, after which an increase could follow.
The SHIB price has fallen since reaching a high of $0.0000157 on Feb. 4. The drop was preceded by a bearish divergence in the daily RSI. So far, the Shiba Inu price has reached a low of $0.0000108. While doing so, it broke down from the $0.0000122 support area, which is now expected to provide resistance.
However, the price of Shiba Inu still holds above the long-term descending resistance line from which it previously broke out. Therefore, the drop may be just a retest (green circle). If the SHIB price bounces, it could retest the $0.0000157 high.
However, if it falls below the support line, a drop to the next support at $0.0000110 is likely.
SHIB/USDT Daily Chart. Source: TradingView Shiba Inu (SHIB) Price Prediction for March: End of the Correction ApproachingThe technical analysis from the six-hour time frame shows that the SHIB price is in the C wave of an A-B-C corrective structure. The correction comes after the price completed a five-wave upward movement (black).
Giving waves A:C a 1:1 ratio would lead to a low of $0.0000099. Since the target is close to the 0.618 Fib retracement support level at $0.0000108, a bottom between these two levels is likely. Afterward, the upward movement could continue.
However, a decrease below the wave one low at $0.0000078 would invalidate this bullish forecast. In that case, the SHIB token price could fall toward $0.0000050.
SHIB/USDT Six-Hour Chart. Source: TradingViewTo conclude, the most likely Shiba Inu price prediction for March is a drop toward $0.0000099 – $0.0000108, followed by an increase. A drop below $0.0000078 would invalidate this bullish Shiba Inu price forecast. In that case, the price could fall toward $0.0000050.
For BeInCrypto’s latest crypto market analysis, click here.
The post Shiba Inu (SHIB) Price Plunges, but Better Times Are Around the Corner appeared first on BeInCrypto.
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