If the OB holds, SHIB could start a new downtrend and drop to $0.00000735 in the coming days. However, if SHIB breaks above the OB, it may resume its uptrend and move towards $0.00001000.
The 20-H MA has been holding as a support level for SHIB, and the current OB is sitting just above this level. The relative strength index (RSI) has been on a downtrend since late May, indicating that bears are taking control of the market momentum.
To negate the bearish outlook for SHIB, bulls need to push the price above $0.00001000 soon. This would invalidate the current OB and could open up the possibility of SHIB reaching $0.00001000.
On the downside, if SHIB fails to breach the current OB, it could drop back towards the 20-H MA at $0.00000735. This would make the previous resistance level a new support and indicate that bulls are losing momentum in the market.
The overall sentiment surrounding SHIB remains bearish and investors should keep an eye on the key levels mentioned above for further clues about SHIB’s future price movements. It is important to note that, despite the current bearish outlook, the long-term trend for SHIB still looks positive.
Therefore, investors should identify solid entry and exit points before taking any position in SHIB. With proper risk management, investors can still make gains even if the current bearish outlook for SHIB continues. It is also advisable to keep track of external factors such as industry news which could impact SHIB’s price in the future.
Overall, it is important to stay informed and be aware of the risks associated with investing in SHIB or any other cryptocurrency. With proper research and analysis, investors can still make gains in the crypto markets.
The technical outlook for SHIB is currently bearish. The 12-H chart shows that the price has hit an OB at $0.00000855 and a rejection at this level could start a new downtrend. Additionally, the RSI is on a downtrend indicating that bears are in control of the market momentum.
Conclusion
In conclusion, the technical outlook for SHIB is bearish and it could start a new downtrend if bulls don’t push the price above $0.00001000. Investors should keep track of the key levels mentioned above and pay attention to external factors such as industry news when making investment decisions. With proper research and analysis, investors can still make gains in the crypto markets.
