Shiba Inu (SHIB) continues to capture attention even amid market slowdowns. Current price analysis helps identify key support levels and potential directions.
Current SHIB Price Structure
According to the daily chart, the Shiba Inu token's price ranged from $0.00001147 to $0.00001167. After peaking above $0.00001800 in mid-May, SHIB's price steadily declined, forming a clear downtrend that has recently flattened into sideways movement. The price is consolidating near the horizontal support line around $0.00001140, suggesting it acts as a base.
RSI Indicator and Potential Reversal
The Relative Strength Index (RSI) at the bottom of the chart shows a value around 43.93, indicating that SHIB is in bearish-to-neutral territory. A rise above 50 could signal a recovery from current oversold conditions.
SHIB's Downside and Upside Prospects
On the downside, SHIB could test support at $0.00001000. Conversely, breaking the resistance level around $0.00001200 is necessary for an upside, with a target of $0.00001400 representing about a 22% potential increase.
In the coming weeks, a sideways movement is expected between the levels of $0.00001100 and $0.00001250. It is essential to watch daily closes to determine the direction of future price movements.
