Shiba Inu (SHIB) Price Faces Critical Test - Will It Bounce or Break Down?


21 Nov 2023 2:23 PM

The Shiba Inu (SHIB) price fell after a rejection on November 12. The price has returned to a critical support area....

  • The Shiba Inu (SHIB) price has fallen after being rejected by resistance levels on November 12.
  • The price is now at a critical horizontal support area, and it is uncertain whether it will bounce or break down.
  • Technical analysis shows that SHIB has been under a descending resistance trend line for 470 days.
  • The SHIB price has been rejected by the trend line multiple times.
  • The RSI reading is currently at 50, indicating an undetermined trend.
  • Analysts have a positive view of the future SHIB price, with some suggesting a bullish trend as long as the price follows the ascending support trend line.
  • The altcoin's outlook remains uncertain, with a recent rejection at the 0.618 Fib retracement resistance level.
  • The RSI has declined and is now at the critical level of 50.
  • The future price prediction for SHIB depends on whether it breaks below the $0.0000084 horizontal support or rebounds above it.

The sentiment towards Shiba Inu (SHIB) appears to be mixed. While some analysts have a positive view of the future SHIB price, the uncertainty surrounding its current trend and the recent rejection at a resistance level suggest a cautious sentiment.

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