Technical analysis of the daily time frame shows that Shiba Inu has been trading inside an ascending parallel channel since June 2023. The rise led to a high of $0.00000120 on December 17, 2023, after which the price of memecoin began to decline.
At the beginning of 2024, SHIB fell below the channel’s midline, and then fell through the short-term horizontal area, even after Whales Snap Up 2.39 Trillion Shiba Inu Tokens on the 15th of Jan. But at the moment, the asset is moving at the bottom of the channel.
The daily Relative Strength Index (RSI) is bearish. The indicator is below 50 and continues to fall.
SHIB price forecast: how long will the correction last?
Technical analysis of the six-hour time frame coincides with the daily one. The price action shows that SHIB has made an unsuccessful attempt to settle above the midline of the short-term descending parallel channel and is now trading at the bottom of the pattern.
The 6-hour RSI is below 50 and falling, consistent with a bearish outlook. However the price has recovered into $0.000009183.
If the Shiba Inu price continues to correct, it could decline another 12% and reach the next immediate support at $0.0000077. This is a horizontal support area that coincides with the support lines of the long-term and short-term channel.
However, a return to the channel’s midline could trigger a 10% rise to the resistance line at $0.0000095.
Shiba Inu & Exchanges
Exchanges with Shiba Inu are practically the only and most popular way to buy and sell this token today. In addition, they are convenient for speculative trading: the coin rate is very volatile, it regularly changes up and down, which means that with due care you can make a profit from trading operations. Exchanges also provide opportunities for storing assets or making passive income through investment products.
| Note: Choose services that have a good reputation in the market, and do not invest more money in cryptocurrency than you can afford to lose. |
About Shiba Inu
Shiba Inu was created in 2020 and was named after the Japanese Shiba Inu dog breed. The SHIB cryptocurrency is part of the ShibaSwap ecosystem, which is a decentralized exchange and financial platform. This virtual asset allows users to send and receive digital currency, as well as participate in transactions on the ShibaSwap platform.
SHIB attracts the attention of numerous investors with its potential for high returns, as the cryptocurrency rate is associated with high volatility. It is important to note that before making trading decisions, you should conduct your own research and assess all possible risks. According to data as of January 12, this digital currency is in 16th place in the best ranking, with a capitalization indicator of $6.02 billion. The main idea behind Shiba is to give the community 100% rights to manage the protocol.
