Despite a previous breakout, the Shiba Inu (SHIB) price is struggling to sustain its upward movement.
The daily time frame outlook for the Shiba Inu price offers conflicting readings. On the bullish side, the price broke out from a descending resistance line that had been in place since the beginning of February. Moreover, the price completed an A-B-C correction while under this resistance line. The correction ended at the 0.786 Fib retracement support level. Finally, the daily RSI moved above 50 on April 1.
Despite all these bullish signs, the SHIB price failed to sustain its upward movement after the breakout, failing to reach the closest resistance at $0.0000123. It is now trading very close to its pre-breakout levels. The failure to initiate an upward movement is considered a sign of weakness.
As a result, if the SHIB price breaks down below the 0.786 Fib level, it could fall to $0.00000770.
Shiba Inu (SHIB) Price Short-Term Struggles Continue
The technical analysis from the short-term two-hour chart shows a very similar outlook to the daily one. The price of SHIB broke out from a descending resistance line but failed to sustain its upward movement, returning to the line again on April 3 (green icon).
The movement preceding the breakout looks like a completed A-B-C corrective structure. Since the correction is facing upward, likely, the direction of the trend is downward.
In that case, the Shiba Inu coin price would be expected to fall below the wave A low at $0.0000101 (red line). This could occur in the next 24 hours. Since this is very close to the 0.786 Fib retracement support level, whether the price breaks down below or bounces could go a long way in determining the future trend.
To conclude, the SHIB price is expected to fall toward $0.0000101. The reaction at this level will likely determine the future trend. A strong bounce could take the price to $0.0000125. On the other hand, failure to do so could lead to a drop to $0.0000077.
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