2022-11-30 19:30 |
The Shiba Inu (SHIB) price is attempting to move above a confluence of resistance levels near $0.00001. The initial readings suggest that it will be unsuccessful.
The Shiba Inu token price decreased below a descending resistance line since Aug. 14. The line rejected the meme coin several times between Oct. 28 and Nov. 4 (red circle). Afterward, a sharp drop followed, causing a breakdown from the $0.0000097 long-term horizontal area and a minimum price of $0.0000081. The area will now provide resistance.
Despite the breakdown, the movement since has not been characterized by high volatility. At the time of writing, the Shiba Inu price was trading just below the $0.0000097 area, having been there over the past 24 hours.
Before the bounce, the daily RSI generated bullish divergence (green line). However, the indicator has yet to move above 50.
As a result of these readings, the Shiba Inu price prediction cannot be considered bullish. Only a breakout from the $0.0000097 resistance area would make it so. The area also coincides with the descending resistance line, increasing its legitimacy.
SHIB/USDT Daily Chart: Source: TradingView Shiba Inu Price Prediction: Rejection or Breakout?The short-term four-hour chart does nothing to dissuade from the bearish SHIB price prediction. While the Shiba Inu token broke out from a descending resistance line, the entire movement looks like a corrective, A-B-C structure. The main reason for this is the drop that led to the Nov. 22 low, which appears to be a three-wave structure (highlighted). Moreover, the ongoing increase has lagged the rest of the cryptocurrency market.
Giving waves A:C a 1:1 ratio would lead to a high near $0.00001. Therefore, it will not cause a breakout above the previously outlined confluence of resistances.
So, the Shiba Inu price prediction remains bearish, unless the SHIB price manages to break out above $0.000097 decisively. Therefore, the most likely scenario is a gradual drop toward the $0.000076 support area.
SHIB/USDT Daily Chart: Source: TradingViewFor BeInCrypto’s latest crypto market analysis, click here.
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