Shiba Inu is (SHIB) price is currently in the last phase of its adjustment after having finished its relief bounce. A little channel interruption would prove this. After reaching a high of $0.0000157 on February 4th, the SHIB value has decreased. A bearish divergence on the daily RSI started the drop.
After falling, the price has now risen and is now trading well above the $0.0000120 support level. This level is crucial because it has sporadically provided support and resistance over the past six months. Moreover, a neutral trend is indicated by the daily RSI reading of 50.
Consequently, it can predict the direction of future trends if the Shiba Inu price bounces or closes below $0.0000120. In the event of a bounce, highs of $0.0000157 may be reached, while closing below could result in a decline to $0.0000102. You must consider the price history over a shorter time period in order to predict what will occur.
Technical Analysis of Shiba Inu Suggests a Price Decrease
The price will likely decrease, according to technical analysis, during the next six hours. The Shiba Inu token’s price has reached a high of $0.0000157 after a five-wave upward rise. The triangle that makes up wave four and the ensuing rapid decline define this wave count.
Following the surge, the price of SHIB fell to $0.0000117 before rising. The 0.5 Fibonacci retracement level was confirmed as supported by the low’s lengthy lower wick. This support level is crucial since it also relates to the previously mentioned horizontal support area. That was, therefore, most likely the base of wave A’s corrective action.
This Bearish might Turn into a Bullish
If the count is accurate, wave C of an ABC corrective structure is currently being experienced by the price of the SHIB token. Around the $0.0000118 support level of the 0.5 Fibonacci retracement, the entire decline can come to a halt.
Moreover, the A:C waves would have a ratio of 1:0.618, which is typically used in such adjustments. As a result, the Shiba Inu price may resume its upward trend following the correction. This optimistic forecast would be void if the Shiba Inu price dropped to its $0.0000077 annual low. If so, the price of Shiba Inu can fall to $0.0000050.The strong support region around $0.0000102, however, would threaten the upward movement if the price fell below it. In the end, a breakout of the channel and a decline into the $0.0000115 to $0.0000118 region are the most likely outcomes for the SHIB price forecast. This bearish prediction would be invalidated by a channel breakout. Yet, it can result in a fresh annual high at $0.0000180.
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