SHIB Attempts to Reclaim Support
The technical analysis of the daily time frame shows that the SHIB price has traded inside an ascending parallel channel since June 2023. The upward movement led to a high of $0.0000120 on December 17. The SHIB price was rejected afterward (red icon), validating the channel’s resistance trend line.
SHIB has fallen since and trades below the channel’s mid-line. Also, it fell below an important horizontal support area and is now validating it as resistance.
The daily Relative Strength Index (RSI) gives a mixed reading, leaning on bearish. When evaluating market conditions, traders use the RSI as a momentum indicator to determine whether a market is overbought or oversold and whether to accumulate or sell an asset.
If the RSI reading is above 50 and the trend is upward, bulls still have an advantage, but if the reading is below 50, the opposite is true. While the RSI is increasing, it still trades below 50 (red circle).
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