Shiba Inu's Struggle to Break Free from Correction Mode
Date: 2024-02-04 Author: Dima Zakharov Categories: BUSINESS
Shiba Inu's price journey has taken a turn for the worse as it grapples with a correction phase. The cryptocurrency's downfall began on December 17, 2023, when it failed to breach the ascending parallel channel's resistance.
Technical analysis on the daily timeframe reveals SHIB's descent after an initial rebound above the support zone at $0.0000093, which has now turned into a formidable resistance.
The daily Relative Strength Index (RSI) supports this continued decline, repeatedly failing to break above the 50-level mark and currently trading below it.
The outlook on the short-term six-hour timeframe offers little comfort. SHIB appears to be stuck within a descending triangle, a bearish pattern. The six-hour RSI suggests a potential breakout as it was rejected at the resistance line around the 50 level.
If Shiba Inu breaches the lower boundary of the triangle, the asset's price could drop by 16% to the channel support line at $0.0000076.
However, a breakthrough of the descending resistance might trigger a 23% surge to the horizontal level at $0.0000110.
