Shiba

Cryptocurrency

Resistance

Shiba Inu

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<p style="text-align: justify">You can also read this news on BH NEWS: <a href="https://en.bitcoinhaber.net/shiba-inu-cryptocurrency-faces-downward-pressure-as-resistance-proves-stubborn" rel="noopener noreferrer nofollow">Shiba Inu Cryptocurrency Faces Downward Pressure as Resistance Proves Stubborn</a><br></p>
<p style="text-align: justify">Shiba Inu (SHIB), a currency that rivals <a href="https://en.bitcoinhaber.net/dogecoin-market-analysis-amidst-cryptocurrency-fluctuations" rel="noopener noreferrer nofollow">DOGE</a>, has been experiencing a decline, failing to break through a diagonal resistance line since December 17, 2023. The cryptocurrency has also been trading below a key horizontal support level, signaling a short-term bearish trend. The question now is which direction SHIB’s price may head next.</p>
<h2 id="shiba-inu-s-price-trajectory">Shiba Inu’s Price Trajectory</h2>
<p style="text-align: justify">SHIB’s pricing analysis reveals a persistent drop after hitting a resistance point on December 17, 2023. The coin witnessed a precipitous decline on January 22 after testing the $0.0000093 support zone, which later became a resistance area on January 29, marking a consistent downward movement.</p>
<p style="text-align: justify">The Daily Relative Strength Index (RSI) for SHIB, a tool used by investors to gauge market conditions, also reflects a bearish outlook. Although the RSI is within neutral territory, a dip below the 50 mark could suggest that sellers are gaining ground. Repeated attempts to stay above this threshold have been unsuccessful, indicating a struggle for dominance.</p>
<h2 id="predicting-shib-s-price-movement">Predicting SHIB’s Price Movement</h2>
<p style="text-align: justify">In the shorter term, SHIB’s six-hour chart shows a negative trend as the coin appears trapped within a descending triangle, typically a bearish sign. The approaching end of this triangle formation hints at a potential breakout. Should SHIB break downwards, it might see a 16% fall to the $0.0000076 support level.</p>
<p style="text-align: justify">Conversely, an upward shift could lead to a breakout above the resistance line and propel the price towards the next resistance at $0.0000110, representing a potential 23% increase. This outcome would provide a positive turnaround from the current downward trend.</p>
<h5><span style="font-weight:bold;font-size:16px">The post first appeared on BH NEWS: </span> <a href="https://en.bitcoinhaber.net/shiba-inu-cryptocurrency-faces-downward-pressure-as-resistance-proves-stubborn" rel="noopener noreferrer nofollow">Shiba Inu Cryptocurrency Faces Downward Pressure as Resistance Proves Stubborn</a></h5>

Shiba Inu Cryptocurrency Faces Downward Pressure as Resistance Proves Stubborn

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