Shiba Inu Price Reaching A Trend Line, Will It Soar or Drop?

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The Shiba Inu price dropped over 1% in the past 24 hours to trade at $0.00002064 at press time. With this latest decrease, the SHIB price is down more than 10% on the weekly timeframe.

Throughout the past 24 hours, the market cap for the meme coin space dipped over 1% as well. Dogwifhat (WIF) was the only top 5 meme coin by valuation to record a 24-hour gain. During this time, the canine-themed competitor registered a more than 2% uptick.

The Shiba Inu Price at the Mercy of a Negative Trend Line

The Shiba Inu price is trading near a medium-term negative trend line that has emerged on its charts. If the meme coin is able to overcome this threshold, it could have the room needed to flip the $0.00002100 resistance level into support.

Also read: Pepe Price Might Break Major Barrier as Bullish Signs Emerge

Thereafter, SHIB might continue to rise to the subsequent mark at $0.00002190 if the buy pressure persists. However, a rejection from the trend line could invalidate the bullish thesis.

In this alternative scenario, the Shiba Inu price might lose the $0.00002040 support. Continued sell volume should the crypto lose this technical crutch could then lead to SHIB plunging to as low as $0.00001965 in the short term.

Technicals for the Shiba Inu Crypto Sending Mixed Signals

Technical indicators on SHIB’s 4-hour chart are sending mixed signals. On one hand, the Moving Average Convergence Divergence (MACD) line is breaking away above the MACD Signal line. Traders usually see this as a sign that a crypto has entered a short-term positive phase and that the bullish momentum is growing stronger.

Also read: Luna Classic Price Might Be Getting Ready for an 8% Rally

Meanwhile, the Relative Strength Index (RSI) warns that buyers are losing some strength. Although the RSI is currently bullishly positioned above its Simple Moving Average (SMA), the prior is attempting to break below the latter. This potential intersection might signal that bulls have gained the upper hand against sellers.

Given the Shiba Inu crypto can still go either way, traders will want to see how SHIB reacts around the $0.00002040 support in the coming 12 hours to try and gauge the meme coin’s next move.

Disclaimer: The information presented in this article is for informational and educational purposes only. The article does not constitute financial advice or advice of any kind. Ecoinimist is not responsible for any losses incurred as a result of the utilization of content, products, or services mentioned. Readers are advised to exercise caution before taking any action related to the company.

Author

Steven Walgenbach

Steven's passion for cryptocurrency and blockchain technology began in 2014, inspiring him to immerse himself in the field. He notably secured a top 5 world ranking in robotics. While he initially pursued a computer science degree at the University of Texas at Arlington, he chose to pause his studies after two semesters to take a more hands-on approach in advancing cryptocurrency technology. During this period, he actively worked on multiple patents related to cryptocurrency and blockchain. Additionally, Steven has explored various areas of the financial sector, including banking and financial markets, developing prototypes such as fully autonomous trading bots and intuitive interfaces that streamline blockchain integration, among other innovations.

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