The cryptocurrency market is currently witnessing Shiba Coin’s struggle to maintain its upward momentum, as well as modest movements by altcoins SOL and AVAX. Shiba Coin is striving to keep pace with DOGE, which is enjoying double-digit gains, while also attempting to overcome long-standing resistances.
Assessing Shiba Coin’s Current Trajectory
Recently, altcoins are breaking through long-standing resistance levels, hinting at a potential intermediate or major rally ahead. Shiba Coin, for instance, is on the cusp of exceeding a declining resistance trend line that has been in place for 570 days. Despite multiple tests, the coin has not managed to close above this trend line on a weekly basis, and it remains within a horizontal resistance zone.
The Relative Strength Index (RSI) suggests that the coin’s ascent may persist, although official confirmation of a breakout is still pending. Shiba Coin’s fate is also closely tied to Bitcoin‘s performance, which is especially crucial during periods of macroeconomic busyness where investors tend to be risk-averse.
Predictive Insights on Shiba Coin’s Price Movements
The daily chart provides a clearer picture with indicators pointing to a price rise. As the market begins to recover, Shiba Coin’s price is navigating a rising parallel channel on the daily chart, approaching a pivotal breakout point from the channel’s mid-line and short-term resistance.
With the daily RSI backing the uptrend, there’s potential for a 25% increase in Shiba Coin’s value if the breakout materializes, targeting the resistance at $0.0000128. Conversely, failing to break the channel could result in a fallback to the $0.0000080 support level.