The price of Shiba Inu (SHIB) has displayed positive signs, especially with a notable bullish candlestick observed on January 11. This candlestick prevented a possible decline from a small support level.
Alongside this, the approval of Bitcoin spot ETFs adds curiosity about where SHIBâs price might go next and whether it will be influenced by overall market trends.
Shiba Inu (SHIB) Technical Analysis and Price Trends
Shiba Inuâs recent journey from a descending resistance trend line, experienced since August 2022, to a low of $0.0000054 in June 2023, has been marked by significant developments. A crucial turning point occurred in December 2023 when SHIBâs price broke above the descending resistance trend line after over 480 days. Although the price reached a high of $0.000011 post-breakout, it underwent a subsequent decline. However, last weekâs confirmation of the trend line as support and the resulting bounce signify positive indicators.
The Relative Strength Index (RSI), a pivotal momentum indicator, currently stands above 50, indicating a bullish trend. SHIBâs price has been trading within an ascending parallel channel since June 2022, reaching a peak of $0.0000119 on December 17, 2023. Despite a recent dip below the channelâs midline and the RSI falling below 50, the formation of a bullish candlestick today suggests a potential upward movement.
Current Status and Potential Movements of Shiba Inu (SHIB)
At the moment, SHIB is valued at $0.00001011, showing a 24-hour gain of +4.23%. The highest and lowest points within the past 24 hours were $0.00001018 and $0.00000911, respectively. Trading volume for SHIB in the last 24 hours is recorded at 6,675,978,605,530.00, accompanied by a corresponding volume in USDT of 64,439,250.76. The RSI stands at 52.7, indicating an uptrend of 7% today.
Maintaining its position above the minor support level of $0.0000092 could potentially lead to a 27% increase to the channelâs resistance trend line at $0.0000123. However, if SHIB closes below $0.0000092, this optimistic scenario may be invalidated, potentially resulting in a 22% decline to the channelâs support trend line at $0.0000077.
â ïžDisclaimer
This content aims to enrich readers with information. Always conduct independent research and use discretionary funds before investing. All buying, selling, and crypto asset investment activities are the responsibility of the reader.
