Shiba Inu (SHIB) Faces Critical February End: Will It Close on a Bullish Note?
Date: 2024-02-24 Author: Dima Zakharov Categories: BLOCKCHAIN
Navigating Trading Patterns
Shiba Inu (SHIB) is currently trading within both long-term and short-term ascending parallel channels. However, its attempt for a bullish breakthrough on February 15 was unsuccessful.
Correction Pattern
On a daily timeframe, SHIB has been trading within an ascending parallel channel since June 2023. The peak of this growth was marked at $0.0000120 on December 17. Following this, SHIB began declining along the descending resistance line, reaching the bottom of the channel.
February Trends
In February 2024, SHIB broke below the descending trendline resistance. Despite the breakthrough, the token failed to move above the middle of the channel and rebounded from there.
Technical Indicators
The daily Relative Strength Index (RSI) is showing uncertain signals, resting at the neutral level of 50, indicating the absence of a clear trend.
Forecast for SHIB
On a six-hour timeframe, further decline seems probable as SHIB continues to trade at the bottom of the short-term ascending parallel channel. The price dropped after bouncing off the resistance line on February 16.
Bearish Outlook
During this decline, the six-hour RSI also dropped below the 50 marks, signaling a bearish trend. A bearish breakout from the channel would confirm a downward movement, potentially leading SHIB to a 17% drop to the channel's support line at $0.0000080.
Bullish Perspective
Despite the bearish forecast, a bullish breakout from the ascending parallel channel would indicate that the local bottom has been reached. In such a scenario, the price could surge by 16% to the next resistance at $0.0000110.
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