Briefly

• the price of Shiba Inu (SHIB) bucked a long-term descending resistance line.
• It still adheres to a momentary one.
• The A-B-C correction in the price of Shiba Inu (SHIB) is now complete.

Shiba Inu’s (SHIB) price is exhibiting signs of having finished its correction. It needs to break through its immediate resistance in order to confirm this and start a new upward movement.

Shiba Inu’s price crossed through a descending resistance line in late January. After that, it increased to a new annual high of $0.0000154 before decreasing. The line was validated as support on May 7 as a result of the decrease (black icon). The daily RSI is still below 50 even though the price has since recovered. It is therefore uncertain whether the trend is bullish.

Shiba Inu’s price might cross the resistance level of $0.0000147 if it keeps increasing. The descending resistance line must be breached in order for the bearish trend to be confirmed. In that situation, the decline might quicken as it approaches the next available support level at $0.00000850.

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Wave Count for Shiba Inu (SHIB) Indicates Completed Correction

Technical analysis using a six-hour time frame suggests that the SHIB price may have finished an A-B-C correction following a five-wave upward movement.

The 0.786 Fib (white) retracement support level at $0.00000947 marked the end of the correction. Then, the subsequent rise brought the price just a little bit above the wave A low. This overlap (red line) provides evidence that the correction may be finished.

However, the Shiba Inu token price needs to move past its nearby resistance line in order for this bullish reversal to be verified. If this happens, the price may rise toward the previously mentioned resistance level of $0.0000147. Determine the right course of action over the course of the next 24 hours.

However, if the line results in yet another rejection, the SHIB price may drop to the $0.00000850 support region.

To sum up, the direction of the future trend will be confirmed by whether or not the price of Shiba breaches its short-term resistance line or is rejected. A rejection could result in a decline toward $0.00000850, while a breakout could lead to highs near $0.0000147.