It is quite likely that the relief rally for the Shiba Inu (SHIB) cost has come to an end. The price is currently in the last stage of the process of correcting itself.
A breach of the restricted channel would be evidence that this is the case, as it would show that it was used inappropriately.
After a brief decline following the occurrence, the price has recovered and is now trading at a level above the $0.0000120 area.
This level is especially remarkable given that it has been maintained during the previous six months. It has occasionally functioned as a point of opposition while also playing the role of aid.
In addition, the regular RSI is hovering close to 50 at the moment, which suggests that there is no discernible trend.
Hence, whether or not Shiba Inu’s price recovers after dropping below $0.0000120 may determine the direction the trend takes in the future.
A rebound may reach $0.0000157, but a closure below this level may lead to a slide toward $0.0000102.
Shiba Inu (SHIB) Price Decline Confirmed by Wave Count
The results of the technical analysis performed over the course of six hours indicate that a price drop is imminent.
The price of Shiba Inu tokens finished an upward trend that consisted of five waves, reaching an all-time high of $0.0000157.
This is now the highest price that it has ever been offered. This particular wave count may be distinguished from others of its sort because of its spike 4 and its fast following decrease.
As SHIB’s price dropped from its record high, it stayed there until it reached $0.0000117, at which point it began to rise again.
An extended lower wick emerged after the low was struck, shedding light on the strength of the 0.5 Fibonacci gap. When the price finds support here, it will have done so at a very important level.
The rationale for this is that it also satisfies the requirements of the horizontal support center, which were discussed before.
As a direct result of this, it almost definitely occurred during the lowest point of the punishing A pulse. It is predicted that the SHIB token price is now in the middle of the C spike of an ABC corrective structure.
If the estimation is correct, then we should prepare ourselves to deal with this consequence rather than another one.
After it hits the trading range at the 0.5 retracement, which is $0.0000118, the entire adjustment may be finished. In addition to that, it will provide surges A and C in the proportion of 1:0.618, respectively.
If Shiba Inu Prices Fell, This Rosy Estimate Would Fail
That is something that occurs fairly frequently with changes of this type. After the retracement, the price of Shiba Inu can begin another increase in the positive direction and head back toward the highs.
This optimistic forecast would be ruled incorrect if the price of a Shiba Inu dropped below the annual low of $0.0000077.
If anything like this were to happen, the price of a molecule might potentially drop as low as $0.0000050.
The large support zone is located at $0.0000102, so if it were to be broken, the upward advance would be at risk.
On the other hand, the upward march would be at risk in the event that it was to break below it. In conclusion, the scenario for the SHIB price forecast that is most likely to occur is a break from the channel.
This is then followed by a drop in the region that is somewhere between $0.0000115 and $0.0000118 in value.
If prices fell below the channel, which would be a bad sign, this pessimistic prediction would be shown to be wrong. On the other hand, it might lead to a new yearly high that is quite near the level of $0.0000180.