The price of Shiba Inu (SHIB) fell and returned to the horizontal support area.

However, SHIB is still inside the pattern that has been in place since June 2023. Let's consider what expectations are for the price dynamics of this cryptocurrency in the coming days.

How to purchase Shiba Inu (SHIB):

SHIB has overcome long-term resistance

Technical analysis on the weekly timeframe shows that the price of SHIB has been moving under the downward trend line of resistance since July 2022, reaching a low of $0.0000054 in June 2023. After that, the asset began an upward movement and overcame the downward resistance line, reaching a maximum of $0.0000120.

At the time of the breakout, this resistance line had existed for 483 days. Since then, the price of Shiba Inu has fallen, confirming it as a support level.

The Relative Strength Index (RSI) on the weekly chart shows mixed signals. The indicator is declining, but it is still above the 50 level.

SHIB price forecast: when will the cryptocurrency memcrypt determine its trend

As on the weekly timeframe, the daily chart does not give an obvious trend direction. This is due to the price movement and the RSI.

The chart below shows that SHIB fell after an unsuccessful attempt to overcome resistance inside the ascending parallel channel on December 17, 2023. Since then, the price has remained inside the horizontal support area of $0.0000093. In addition, the daily RSI is below 50 and continues to decline.

If the price of the cryptocurrency closes the day below the level of $0.0000093, this may lead to a decrease of 20% to the channel support line at $0.0000080.

However, a strong recovery may cause a 33% increase to the channel resistance line at $0.0000120.