Shiba Inu (SHIB) price is trading inside long-term and short-term ascending parallel channels. Bullish breakout attempt on February 15 failed.
Shina Inu (SHIB) Analysis
The daily timeframe shows that the popular meme coin has been trading inside an ascending parallel channel since June 2023. This rally culminated in a high of $0.0000120 on December 17th. After this, SHIB began to decline along the descending resistance line and reached the bottom of the channel.
However, in February 2024, the Shiba Inu rate found its footing and broke through the downward trend line of resistance. Despite the breakout, the token was unable to move above the middle of the channel and bounced from there.
The daily Relative Strength Index (RSI) is giving uncertain signals. The indicator is at the neutral level of 50, demonstrating the absence of a directional trend.
SHIB Price Prediction
The six-hour time frame suggests that further drawdown is likely. Here Shiba Inu is also trading at the bottom of the short-term rising parallel channel. The price declined after bouncing off the resistance line on February 16th.
During this decline, the 6-hour RSI also dropped below 50, which is a sign of a bearish trend. At the time of writing Shiba Inu’s price is $0.000009519, however, a bearish breakout from the channel will confirm the downward movement. In this case, (SHIB) could fall 17% to the rising channel support line at $0.0000080.
Despite the bearish outlook, a bullish breakout from the ascending parallel channel will mean that the local bottom has already been reached. Then the price could rise by 16% to the next resistance at $0.0000110.
Whales Accumulation of Shiba Inu (SHIB)
Shiba Inu, the Dog-themed cryptocurrency, has seen a massive surge in whale activity on the 23rd of Feb. According to data from IntoTheBlock, massive transactions involving Shiba Inu have surged by 454.16% since the past 3 days, reaching a staggering $112.96 million. The last 24 hours saw 34 big transactions, each one of them worth more than $100,000.
About Shiba Inu
It is a decentralized ecosystem in development that includes features such as asset exchange, NFT tokens, passive income tools, etc. The main idea is to give the community 100% rights to manage the protocol.
The developers of Shiba Inu keep the future development plans of the project secret, which is a significant disadvantage in a highly competitive environment, when users tend to trust what they are confident in. However, the key points are known – the standardization of products and their introduction to the world market, the launch of an “incubator” for digital artists (more than 75 applications from potential participants have already been submitted), and the opening of an NFT marketplace.
