Shiba

Shiba Inu

You can also read this news on BH NEWS: <a href="https://en.bitcoinhaber.net/shiba-inus-price-struggle-will-it-bounce-back-or-break-down" rel="noopener noreferrer nofollow">Shiba Inu’s Price Struggle: Will It Bounce Back or Break Down?</a> 
Shiba Inu (SHIB) has retreated from its short-term support level but remains above its long-term support, raising questions about a potential trend reversal or further decline. Technical analysis shows that SHIB’s price increase in November 2023 was not sustained, failing to break out from a descending resistance trend line that has been in place for roughly 500 days. Despite trading above this trend line twice, SHIB failed to initiate a significant bounce back.
The Relative Strength Index (RSI), a momentum indicator used by investors to gauge whether a market is overbought or oversold, suggests a downward trend without confirmation yet. SHIB’s price has been trading within a rising parallel channel since June 2023, reaching a peak in December before facing rejection and subsequent decline.
After briefly trading above the $0.0000092 area, SHIB has recently exited this region. The popular meme token is struggling to maintain its position above long-term support, with weekly analysis indicating an inability to continue its November rise and increased downward pressure.
The daily RSI, below 50 and trending downward, could indicate a bearish price movement. If the downward trend persists, experts suggest that SHIB could fall by 12%, potentially reaching the channel’s support trend line at $0.00000800.
Investors are closely monitoring SHIB’s performance for signs of either a rebound or a further drop, as the <a href="https://en.bitcoinhaber.net/important-developments-in-the-crypto-market-for-the-upcoming-week" rel="noopener noreferrer nofollow">cryptocurrency</a>‘s future hangs in the balance.
<h5>The post first appeared on BH NEWS: <a href="https://en.bitcoinhaber.net/shiba-inus-price-struggle-will-it-bounce-back-or-break-down" rel="noopener noreferrer nofollow">Shiba Inu’s Price Struggle: Will It Bounce Back or Break Down?</a></h5>

Shiba Inu’s Price Struggle: Will It Bounce Back or Break Down?

BH NEWS

Други статии, публикувани на 23.01.2024 г.

The Proposal That Could Give This Altcoin a Rally Has Been Rejected!

580M strong – Here’s where Bitcoin, Ethereum are leading the way

Bitcoin is dealing with pre-Fed meeting and post-ETF jitters

Avalanche Price Continues Bleeding! AVAX Price To Record 20% Correction Soon?

Deciphering Bitcoin Option Data and Short-Term Panic Orders

Meta’s Digital Assets Ambitions: Maxine Waters Revisits Concerns Amid Trademark Filings and Libra...

Присъединете се към нашия безплатен бюлетин за ежедневни крипто актуализации!