Shiba Inu Forecast: Is The Fix Over? What’s next?

Shiba Inu (SHIB), one of the most popular meme coins, continues to be appreciated by many with the developments in its ecosystem. Recently, the game called Shiba Eternity entered the market. In addition, SHIB burning activities continue. The community plans to reduce the number of SHIBs in circulation by burning SHIBs. So, what does technical analysis say about the coin price? Here are analyst Valdrin Tahiri’s SHIB expectations…

Will the Shiba Inu price go up?

SHIB, as we have also reported on cryptokoin.com, has been falling since reaching $0.00001800 on August 14. The downward move so far has resulted in us seeing $0.00000924 on October 14. The price then bounced and created a bullish hammer candle. Over the past 30 days, price action has remained within the range of $0.00000980 to $0.00001190. Thursday’s bounce confirmed the bottom of the range. According to the analyst, this could be the catalyst for an upside move to the higher range.

The six-hour chart shows that SHIB price has dropped below a descending resistance line since August 14. The line he shows in red in the chart he shared below has been confirmed three times. The last attempt to escape this trend took place yesterday, according to the analyst. The six-hour RSI is yet to confirm the breakout as it is still below 50. However, the price climbed above the $0.00001035 horizontal area and confirmed it as support. If there is a break from the line, the analyst’s most likely price prediction is between $0.00001260 and $0.00001365.

Analyst: There are two reasons for breaking

According to the analyst, the four-hour chart supports the possibility of a price breakout. There are two reasons for this. First, the four-hour RSI has created a bullish divergence (green line) in the oversold zone. This was the catalyst for the short-term jump in price. Second, the price is trading in a descending parallel channel. Such channels often contain corrective actions. This means that an eventual breakout is expected. A move above the middle of the channel would make this possibility even more likely.

A breakout from the channel will also indicate a run from the resistance line and the top of the range. Therefore, it can greatly accelerate the rate of increase from the previous price forecast to the region. As a result, the direction of the long-term trend is still uncertain as SHIB is still trading in a range. However, the short-term price forecast for the Shiba Inu shows that a breakout from both the descending channel and the descending resistance line is expected. In such a case, the price would rise between $0.00001260 and $0.00001365. Conversely, a drop below the $0.00001035 horizontal area would signal lower prices.

Latest data on SHIB incineration

Meanwhile, Travis Johnson, who manages the “Shib Super Store”, a supporter of the SHIB burning, announced how many coins they burned last week. Amazon states that together with ad profits and commissions earned on Fiverr and MEXC, the total amount of SHIB burned so far this month amounts to $860. This is equivalent to 84,729,064 SHIB. “We are on track to reach last month’s numbers,” Johnson says. Out of Travis Johnson’s efforts, 385.1 coins were burned this week according to the Shibburn account.