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HomeNewsShiba Inu (SHIB) Price Outlook: Where Does the Dog-Themed Token Go from...

Shiba Inu (SHIB) Price Outlook: Where Does the Dog-Themed Token Go from Here?

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  • SHIB faces downward pressure under long-term trend, challenging its recovery with rejections since August 2022.
  • Key SHIB breakout could trigger a 16% drop or 33% rise, marking a critical moment for investors.

Shiba Inu (SHIB) is at a turning point that could define its future in the market. Going through a phase of uncertainty and facing challenges that test its value, SHIB has shown both resilience and vulnerability to market fluctuations. But what does this outlook really mean for SHIB investors and enthusiasts?

Recently, SHIB managed to break above a short-term downtrend line, a move that at times generated optimism among the cryptocurrency’s followers. However, this advance was not sustained, underscoring the reality of the selling pressure and volatility that still surrounds SHIB. This behavior reflects SHIB’s ongoing struggle to maintain its value in an unforgiving market.

SHIBUSD_2024-02-21_12-48-22
Source: Tradingview

Since August 2022, SHIB has been under a long-term downtrend line, trading at the bottom of a corrective pattern. This scenario has severely limited its ability to undertake a lasting recovery. With more than 560 days under this trend and facing recurring rejections, the last one in December 2023, SHIB appears to be in a continuous cycle of bearish challenges.

Despite these obstacles, SHIB has shown some tenacity. Recovering a horizontal support area after a breakdown, it showed a spark of resistance. However, the inability to overcome the descending resistance line highlights the dominant presence of a bearish trend.

SHIBUSDT_2024-02-21_13-02-55
Source: Tradingview

In addition, the weekly Relative Strength Index (RSI), despite standing above 50, reveals a downtrend, further complicating its momentum analysis.

Although it broke the downtrend line on the daily analysis, it continues to trade at the bottom of a long-term ascending channel, facing significant rejections. The proximity to a minor support zone and a daily RSI indicating a downtrend raise questions about its future direction.

SHIB’s immediate fate could be in the balance

A break below the critical support area could precipitate a 16% drop, while an upward push from its current position could mean a 33% gain. These possible scenarios underscore the importance of closely monitoring key indicators and support and resistance levels.

This analysis not only highlights the impending challenges for Shiba Inu but also offers insight into the importance of proceeding with caution in cryptocurrency trading.

For SHIB investors, the way forward involves a mix of vigilance, patience and strategy, looking for clear signals that indicate the optimal time to act. Ultimately, SHIB’s ability to overcome these challenges will determine its place in the competitive cryptocurrency market.

At the time of writing, the price of SHIB is trading at $0.00000957.

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Isai Alexei
Isai Alexei
As a content creator, Isai Alexei holds a degree in Marketing, providing a solid foundation for the exploration of technology and finance. Isai's journey into the crypto space began during academic years, where the transformative potential of blockchain technology was initially grasped. Intrigued, Isai delved deeper, ultimately making the inaugural cryptocurrency investment in Bitcoin. Witnessing the evolution of the crypto landscape has been both exciting and educational. Ethereum, with its smart contract capabilities, stands out as Isai's favorite, reflecting a genuine enthusiasm for cutting-edge web3 technologies. Business Email: info@ethnews.com Phone: +49 160 92211628
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