2023-10-5 15:00 |
The Shiba Inu (SHIB) price has decreased since a descending resistance trendline rejected it in August.
The price also fell below the $0.0000080 horizontal support area during the decrease.
Rejection Leads to a Drop Below SupportThe Shiba Inu weekly timeframe analysis shows that the SHIB price has fallen since it was rejected by a long-term descending resistance trendline in August (red icon).
The resistance trendline has been in place for 420 days so far.
During the decrease, the altcoin fell below the $0.0000080 horizontal area. Except for a deviation in July (green circle), the area has provided support for over a year.
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After a breakdown, it is customary for the price to retest the same area and validate it as resistance. However, this was not the case for the SHIB price, which continued its descent.
SHIB/USDT Weekly Chart. Source: TradingViewThe weekly RSI gives a bearish reading. The RSI is a momentum indicator traders use to evaluate whether a market is overbought or oversold and whether to accumulate or sell an asset.
Readings above 50 and an upward trend suggest that bulls still have an advantage, while readings below 50 indicate the opposite.
The RSI was rejected at 50 in August (red circle) and is now falling. These are both signs of a bearish trend.
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SHIB Price Prediction: What Is the Next Move?The analysis from the daily timeframe does not confirm the trend’s direction.
Since August 14, the SHIB price has decreased inside a descending parallel channel. More recently, the price bounced at the channel’s support line on September 11 (green icon).
While the meme coin reached the channel’s resistance line, it was rejected on October 2 and has fallen since. At the same time as the rejection, the RSI failed to move above 50 (red circle) and is now falling.
Therefore, the most likely future outlook for the cryptocurrency is an 11% drop to the channel’s support line at $0.0000065.
SHIB/USDT Daily Chart. Source: TradingViewDespite this bearish SHIB price prediction, a breakout from the channel will mean that the correction is complete.
In that case, a 30% increase to the next resistance at $0.0000095 will be the most likely outlook for the future price.
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The post Shiba Inu (SHIB) Has Fallen Since August – When Will the Decrease End? appeared first on BeInCrypto.
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