2023-10-17 20:00 |
The Shiba Inu (SHIB) has been on a downtrend since August, nearing its lowest point of the year.
During this period, it also slipped below the $0.0000080 support level, which had provided support for more than a year.
Shiba Inu Approaches Yearly LowsThe weekly timeframe analysis shows a Shiba Inu downtrend in place since a long-term descending resistance line rejected the price in August. The trendline has stood for 434 days.
Since the rejection, the altcoin also fell below a critical horizontal support area at $0.0000080. The support has been in place for a year, with the exception of a deviation in June (green circle).
Crypto investing, simplified. Get SHIB price predictions here.
After such a breakdown, the price often retests the same area and confirms it as resistance.
This, however, was not the case with Shiba Inu. Rather, the meme coin just resumed its descent.
SHIB/USDT Weekly Chart. Source: TradingViewThe Relative Strength Index (RSI), a crucial indicator for traders to determine market conditions, has shown a bearish reading for the cryptocurrency.
RSI values above 50, combined with an upward trend, usually indicate a bullish market, while values below 50 suggest the opposite.
In this instance, the RSI was rejected at the 50 level in August (red circle) and is currently downward.
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SHIB Price Prediction: Will Price Fall to Yearly Low?The daily timeframe analysis gives mixed readings. The SHIB price has decreased inside a descending parallel channel since August 14.
These channels usually contain corrective movements, meaning that an eventual breakout will be the most likely future outlook for the altcoin.
While trading inside the channel, the SHIB price has reached both the support (green icon) and resistance trendlines (red icon). It is currently close to the channel’s resistance line.
The RSI also gives mixed readings. While the indicator is increasing, it is still below 50 (red circle).
SHIB/USDT Daily Chart. Source: TradingViewTherefore, the Shiba Inu price prediction will determine whether a breakout or a rejection from the channel’s resistance line occurs.
In case of a breakout, SHIB can increase by 30% to $0.0000095. On the other hand, rejection can lead to a 13% drop in the channel’s support line at $0.0000063.
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The post Shiba Inu (SHIB) Approaches Yearly Lows – Is a Turnaround on the Horizon? appeared first on BeInCrypto.
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