Shiba Inu (SHIB) Price Forecast: Anticipating a Breakout
Date: 2024-02-22 Author: Dima Zakharov Categories: BLOCKCHAIN
Shiba Inu Price Analysis
The price of Shiba Inu (SHIB) has managed to break above a short-term descending resistance line, marking a potential shift in its trend. However, sustaining this upward movement remains uncertain.
Long-Term Resistance
Currently, SHIB is trading below a long-term descending resistance line, situated at the lower end of a correction pattern. Technical analysis on the weekly timeframe indicates that SHIB has been under this descending resistance since August 2022, with several unsuccessful attempts to breach it.
Weekly Outlook
The weekly Relative Strength Index (RSI) has yet to confirm a clear trend direction, adding to the ambiguity surrounding SHIB's future trajectory.
Forecast: Will SHIB Experience an Upward Movement?
Analysis on the daily timeframe offers an inconclusive forecast due to conflicting price action and RSI signals. While SHIB has broken above a short-term descending resistance line, it remains within the lower range of a longer-term ascending channel.
Key Levels to Watch
SHIB is approaching a crucial support area around $0.0000092, with the daily RSI dipping below 50. The coin's reaction to this level will likely dictate its future trend.
Potential Scenarios
A breakthrough could trigger a 16% decline to the channel support line at $0.0000080, whereas a sustained breakout might propel SHIB by 33% towards resistance at $0.0000125.
Disclaimer
All information provided on our website is presented in good faith and for informational purposes only. Readers are solely responsible for any actions taken based on the information obtained from our website.
