Shiba Inu Cryptocurrency Faces Downward Pressure as Resistance Proves Stubborn - Latest cryptocurrency news

Shiba Inu Cryptocurrency Faces Downward Pressure as Resistance Proves Stubborn

Shiba Inu (SHIB), a currency that rivals DOGE, has been experiencing a decline, failing to break through a diagonal resistance line since December 17, 2023. The cryptocurrency has also been trading below a key horizontal support level, signaling a short-term bearish trend. The question now is which direction SHIB’s price may head next.

Shiba Inu’s Price Trajectory

SHIB’s pricing analysis reveals a persistent drop after hitting a resistance point on December 17, 2023. The coin witnessed a precipitous decline on January 22 after testing the $0.0000093 support zone, which later became a resistance area on January 29, marking a consistent downward movement.

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The Daily Relative Strength Index (RSI) for SHIB, a tool used by investors to gauge market conditions, also reflects a bearish outlook. Although the RSI is within neutral territory, a dip below the 50 mark could suggest that sellers are gaining ground. Repeated attempts to stay above this threshold have been unsuccessful, indicating a struggle for dominance.

Predicting SHIB’s Price Movement

In the shorter term, SHIB’s six-hour chart shows a negative trend as the coin appears trapped within a descending triangle, typically a bearish sign. The approaching end of this triangle formation hints at a potential breakout. Should SHIB break downwards, it might see a 16% fall to the $0.0000076 support level.

Conversely, an upward shift could lead to a breakout above the resistance line and propel the price towards the next resistance at $0.0000110, representing a potential 23% increase. This outcome would provide a positive turnaround from the current downward trend.

Disclaimer: The information contained in this article does not constitute investment advice. Investors should be aware that cryptocurrencies carry high volatility and therefore risk, and should conduct their own research.
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