Shiba Inu (SHIB) has been declining since August - when will the decline end?
SHIB price has been declining since being rejected by the descending resistance trendline in August, falling below $0.0000080.
Both the weekly and daily RSI are showing bearish signs. This is confirmed by the bearish price action on the daily timeframe.
Despite this bearish forecast from SHIB, a breakout of the short-term descending parallel channel will mean the end of the correction.
Shiba Inu (SHIB) price has been falling since it was rejected by the descending resistance trendline in August.
During the decline, the price also broke below the $0.0000080 horizontal support area.
Rejection leads to a break below support
ShibaInu weekly time frame analysis shows that the SHIB price has been falling since being rejected by a long-term descending resistance trendline in August (red icon).
The resistance trendline has been in place for 420 days so far.
On the way down, the altcoin broke below the $0.0000080 horizontal area. This area has provided support for over a year, with the exception of the July divergence (green circle).
Cryptocurrency investing, simplified. Get the SHIB price prediction here.
After a breakout, the price usually retests the same area and validates it as resistance. However, this was not the case with the SHIB price, which continued to fall.
The weekly RSI gave a bearish reading. The RSI is a momentum indicator used by traders to assess whether a market is overbought or oversold and whether to accumulate or sell an asset.
A reading above 50 and in an uptrend suggests that bulls still have the upper hand while a reading below 50 would suggest the opposite.
The RSI rejected at 50 in August (red circle) and is currently declining. These are signs of a bearish trend.
SHIB Price Prediction: What’s Next?
Analysis on the daily time frame does not confirm the direction of the trend.
SHIB price has been declining within a descending parallel channel since August 14. Recently, the price rebounded at the channel support line on September 11 (green icon).
Although Meme Coin reached the resistance line of the channel, it was rejected on Oct. 2 and has been falling since then. Along with the rejection, the RSI failed to break above 50 (red circle) and is currently falling.
Therefore, the most likely future outlook for the cryptocurrency is a 11% drop to the channel support line at $0.0000065. Despite the bearish SHIB price prediction, a breakout of the channel would mean that the correction is complete.
In this case, the most likely scenario is a 30% increase in price to the next resistance level of $0.0000095 in the future.#带你看看币安Launchpad $BTC 
