Shib will probably go down before the bullish run continues
Shib will probably go down before the bullish run continues
Shiba Inu (Shib) Price analysis
key support level: 0.0000237 $
key resistance level: 0.0000350
Shiba has not managed to break the great resistance at $ 0.0000350, and since then the price has corrected and has formed a pennant (in blue). The indicators show that the cryptocurrency could drop to the support of $ 0.00000237 if the price falls under the pennant.
pennants can also be continuing patterns. In the current market situation, however, it seems more likely that Shiba falls down before the upward trend is resumed. At the moment, the price is just above the Fibonacci level of 23.6%, which acts as local support within the pennant.
indicators
volume: He recorded a significant decline after not overcome the above -mentioned resistance level. For this reason, the short -term tendency seems to be somewhat bear. The volume has to put on again to change the tendency too bullish.
rsi: On the four-hour time frame, the RSI forms lower highs that can be considered bears until a reversal.
macd: In the 12-hour time frame, the sliding average of the MACD is to complete a declining cross, and the histogram has already crossed the negative side. This is also bearish at short notice.
Current tendency
The short -term tendency is bearish due to the technical factors mentioned above. In order to receive confirmation, the price must fall under the blue pennants. As soon as this is confirmed, the distortion would be further justified and the price could fall on the important support that has formed around the 38.2% FIB retracement level. If the price breaks over the pennant, the idea would be invalid and we could experience a new rally on the important level of resistance.
short -term price forecast for Shiba
The most important support and resistance levels give Shiba good goals at short notice. In the longer term, every bullish tendency must be confirmed by a clean break of the resistance, which should be converted with support. Only then can we explore new FIB goals. A 1-to-1 extension of our current structure would result in a goal of $ 0.0000500 if the bullish scenario is confirmed. This can be repeated as soon as the pennant is broken in any direction.
The above analysis was written by du09 .
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