Shiba Inu (SHIB) Price Forecast: Bearish Trend on the Weekly Chart, Neutral Signal on the Six-Hour Chart
Date: 2023-09-22 Author: Dima Zakharov Categories: CRYPTO PAYMENTS
Bearish Trend of Shiba Inu on the Weekly Chart
On the weekly chart, the price of the cryptocurrency Shiba Inu (SHIB) continues its descent, confirmed by several factors. Firstly, we observe that the price has dropped below the horizontal support area around $0.0000080. This event serves as a sign of a bearish trend, which began back in August when SHIB failed to overcome the resistance line.
Prospects for Shiba Inu on the Daily Chart
Interestingly, on the daily chart, Shiba Inu (SHIB) offers a more neutral forecast. This means that in the shorter term, there is a degree of uncertainty in the price movement.
According to the source, the weekly Relative Strength Index (RSI) also supports the bearish forecast. It has bounced off the key level of 50 and continues to decline. This indicator signals a decrease in bullish strength and an increase in bearish sentiment in the SHIB market.
Possible Scenarios for Shiba Inu
Based on technical analysis, we see two main scenarios for Shiba Inu in the near future.
Scenario 1: Further Price Decline
If SHIB continues its current downward trend, the nearest support area will be around $0.0000060, which is 18% below the current price. This could lead to further losses for investors.
Scenario 2: Potential Bullish Breakout
However, there is also the possibility of a bullish breakout, especially on the six-hour chart. If the price of Shiba Inu can break out of the descending channel and strengthen its momentum, we may see a 30% rise to the resistance level around $0.0000095.
How to Invest in Shiba Inu
Despite the uncertainty in SHIB's price movement, many investors may be interested in buying this cryptocurrency. There are various options available for this, as mentioned by the source. Investors should be aware of the risks and conduct thorough research before making investment decisions.
Conclusions and Outlook
At the moment, Shiba Inu (SHIB) is in an unstable situation with negative bearish signals on the weekly chart. However, in the shorter term, there is still uncertainty, and a bullish breakout is possible, leading to price growth. Investors should assess their risk and carefully study the situation before making investment decisions in SHIB.
