Shiba Inu (SHIB) keeps slipping
Despite the bullish breakout, the Shiba Inu (SHIB) rate fails to develop an uptrend. Further trend may depend on two important levels
The popular meme coin SHIB, created by the Shiba Inu project, is an ERC-20 token and one of the main rivals of Dogecoin.
The results of the technical analysis of the weekly chart show that the SHIB coin rate cannot determine the direction. The price broke through the descending resistance line and turned it into support (green icon), but failed to consolidate this increase.
In addition, the weekly RSI is directly in the 50 region, indicating the indecision of the trend. In this regard, it makes sense to familiarize yourself with shorter timeframes.
The daily chart supports the outlook for a significant upside for SHIB. Here the price broke through the line of short-term downward resistance, supporting the signals of the weekly timeframe.
Meanwhile, wave analysis also promises a strengthening for the token. Starting from January, SHIB completed the formation of a five-wave bullish structure, and then an A-B-C correction, which ended near the Fibo support level of 0.786 correction.
However, despite the bullish breakout, the Shiba Inu price failed to launch a significant advance. If the bulls still go on the offensive, memcoin may head towards the $0.0000122 resistance area. If SHIB engulfs the March low at $0.0000096, this will cancel out the bullish wave scenario and could trigger a fall towards $0.0000080.
Thus, it was expected that the bullish breakout of the price should lead to a significant rally, but so far this has not happened. The direction of the further trend will depend on whether the price makes a rising low or falls below $0.0000096.
A rising low could encourage bulls to break above the $0.0000122 resistance area, while a decline would target SHIB lows around $0.0000080.
See also: Bitcoin price hits $29,000: will BTC return to previous lows
#shibainu #bitcoin #binance #btc #altcoins
The popular meme coin SHIB, created by the Shiba Inu project, is an ERC-20 token and one of the main rivals of Dogecoin.
The results of the technical analysis of the weekly chart show that the SHIB coin rate cannot determine the direction. The price broke through the descending resistance line and turned it into support (green icon), but failed to consolidate this increase.
In addition, the weekly RSI is directly in the 50 region, indicating the indecision of the trend. In this regard, it makes sense to familiarize yourself with shorter timeframes.
The daily chart supports the outlook for a significant upside for SHIB. Here the price broke through the line of short-term downward resistance, supporting the signals of the weekly timeframe.
Meanwhile, wave analysis also promises a strengthening for the token. Starting from January, SHIB completed the formation of a five-wave bullish structure, and then an A-B-C correction, which ended near the Fibo support level of 0.786 correction.
However, despite the bullish breakout, the Shiba Inu price failed to launch a significant advance. If the bulls still go on the offensive, memcoin may head towards the $0.0000122 resistance area. If SHIB engulfs the March low at $0.0000096, this will cancel out the bullish wave scenario and could trigger a fall towards $0.0000080.
Thus, it was expected that the bullish breakout of the price should lead to a significant rally, but so far this has not happened. The direction of the further trend will depend on whether the price makes a rising low or falls below $0.0000096.
A rising low could encourage bulls to break above the $0.0000122 resistance area, while a decline would target SHIB lows around $0.0000080.
See also: Bitcoin price hits $29,000: will BTC return to previous lows
#shibainu #bitcoin #binance #btc #altcoins
Disclaimer: Includes third-party opinions. No financial advice. May include sponsored content. See T&Cs.
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