Shiba Inu (SHIB) has seen a minor price increase, adding some optimism among traders. However, a closer examination of the chart reveals that conditions for a strong bullish trend are lacking.
Current SHIB Price Dynamics
SHIB's price is currently around $0.00001352, indicating a slight rise from recent lows. However, this is not indicative of a full recovery as the price remains below the downward trendline that has long served as a resistance.
Technical Trend Analysis
The overall trend for SHIB remains bearish, with lower highs and lower lows creating a traditional downward pattern. The recent price movement is likely due to short-term traders profiting from oversold conditions. For a real recovery, SHIB needs to break above the trendline, currently near $0.00001497.
Future Prospects of SHIB
Without breaking above the current resistance, SHIB remains vulnerable to further drops. A break below $0.00001200 might lead to a further decline, while rising above $0.00001500 may test higher resistance levels near $0.00001680.
Despite the recent recovery, SHIB is not in recovery mode. The asset is still in a downward trend, and a change in momentum would only be indicated by a break above the trendline resistance.
