#BinanceLaunchpoolBIO Similarly to the weekly time frame, the daily chart gives mixed signals. The wave count suggests that $SHIB
has completed a five-wave upward movement (black) and an A-B-C correction.
In the context of the long-term movement, these are waves one and two in a long-term five-wave increase.
However, the SHIB price has to bounce at the current level for the wave count to remain valid.
SHIB is nearing a confluence of support levels, created by the 0.5 #Fibonacci retracement support level, the $0.0000200 horizontal support area, and the middle of an ascending parallel channel.
Technical indicators show bearish signs. The RSI and MACD are decreasing and have fallen below their bullish thresholds at 50 and 0, respectively.
Therefore, the reaction at the current level will be key. If Shiba Inu bounces, it could begin an upward movement and increase toward the range high.
On the other hand, a decisive close below $0.0000200 could mean the price has started a bullish trend.
Uncertain Trend Ahead
The Shiba Inu price has decreased 40% since its December highs and has reached a long-term horizontal support area.
Whether the SHIB price bounces or breaks down will determine the direction of the future trend.