Shiba Inu (SHIB) is a token that aims to be an Ethereum-based alternative to Dogecoin (DOGE), the popular memecoin. Unlike Bitcoin, which is designed to be scarce, SHIB is intentionally abundant — with a total supply of one quadrillion. The Shiba Inu Token ecosystem supports projects such as an NFT art incubator and the development of a decentralized exchange called Shibaswap.
In this article, we will look at the current price trends, technical indicators, and news events that may affect the future performance of SHIB. We will also provide some possible price scenarios and targets based on our analysis.
SHIB Price Trends and Technical Indicators
The daily chart shows that SHIB is still in a bullish trend, as it remains above the 50-day and 200-day moving averages, which are also sloping upwards. The relative strength index (RSI) is hovering around 70, indicating that SHIB is overbought in the short term but still has room for further upside in the long term. The MACD histogram is positive and the signal line is above the zero line, confirming the bullish momentum.
The four-hour chart shows that SHIB is consolidating in a symmetrical triangle pattern, which is typically a continuation pattern that suggests a breakout in the direction of the previous trend. The volume has been declining during the consolidation, indicating that traders are waiting for a clear signal before entering or exiting the market. The RSI is neutral at around 50, while the MACD is slightly bearish but close to a bullish crossover.
SHIB Price Scenarios and Targets
Based on our technical analysis and news events, we can derive some possible price scenarios and targets for SHIB in the short term:
- Bullish scenario: If SHIB breaks out of the symmetrical triangle pattern on the four-hour chart and clears the resistance at $0.0000115, it could resume its uptrend and target the next resistance levels at $0.000013 (78.6% Fibonacci retracement) and $0.000016 (100% Fibonacci extension).
- Bearish scenario: If SHIB breaks down from the symmetrical triangle pattern on the four-hour chart and falls below the support at $0.0000095, it could enter a correction phase and test the next support levels at $0.000008 (50-day moving average) and $0.000007 (200-day moving average).
- Neutral scenario: If SHIB continues to trade within the symmetrical triangle pattern on the four-hour chart, it could remain range-bound between $0.0000095 and $0.0000115 until a decisive breakout or breakdown occurs.
In conclusion, SHIB is in a strong uptrend in the daily timeframe, but it faces some resistance and consolidation in the shorter timeframe. The price action will depend on the outcome of the symmetrical triangle pattern, as well as the news and events that may affect the sentiment and demand for SHIB. Investors should be cautious and use proper risk management techniques when trading SHIB.
This article is for informational purposes only and does not constitute financial advice. Please do your own research before investing in any cryptocurrency.