Shiba Inu (SHIB) fell back to support level: what next
Shiba Inu (SHIB) price declined and returned to the horizontal support area.
Like the weekly timeframe, the daily timeframe does not confirm the direction of the trend. This is due to price action and RSI.
The chart below shows that SHIB fell after failing to break through the ascending parallel channel resistance on December 17, 2023. After this, the price dropped inside the horizontal support area of $0.0000093 and has been within it since then. Additionally, the daily RSI is below 50 and continues to fall.
If memcoin closes the day below $0.0000093, it could fall 20% to the channel support line at $0.0000080.
However, a strong rebound could trigger a 33% rise to the channel resistance line at $0.0000120.
