Crypto News – Since August, there has been a downward trend for the Shiba Inu (SHIB), which is now very close to its yearly low. The $0.0000080 support level, which had offered support for more than a year, was also breached during this time.
SHIB Price Continues to Fall Sharply, Will Shiba Inu Put a Stop to This?
The price was rejected by a long-term declining resistance line in August, according to the weekly timeframe analysis of the Shiba Inu. For 434 days, the trendline has been in place. The altcoin also dropped below a crucial horizontal support zone at $0.0000080 since the rejection. With the exception of a deviance in June (green circle), the support has been in place for a whole year. The price frequently tests the same area again after such a breakdown, confirming it as resistance.
SHIB Price Prediction
The readings from the daily timeframe analysis are erratic. Since August 14, the price of SHIB has been falling inside a parallel channel. An eventual breakout will be the altcoin’s most likely future development because these channels typically include corrective moves. The SHIB price has crossed both the support and resistance trendlines (green and red icons, respectively), while trading inside the channel. Right now, it is near the resistance line of the channel.
Readings from the RSI are likewise inconsistent. The indicator is rising; however, it is still below 50 (red circle). Consequently, whether a breakout or a rejection from the channel’s resistance line takes place will depend on the Shiba Inu price projection.
%s Comment