Shiba Inu (SHIB) Price Prediction – Will February End on a Bullish Note?

In Brief

Shiba Inu’s (SHIB) price broke out from a descending resistance trend line but failed to sustain the upward trend.
The daily time frame readings are undetermined, but the six-hour chart leans bearish because of the price action.
Despite the bearish SHIB price prediction, breaking out from the parallel channel can trigger a significant increase.

The Shiba Inu (SHIB) price trades inside long- and short-term ascending parallel channel patterns.

SHIB made a breakout attempt on February 15 but failed to sustain the upward movement and fell afterward.

SHIB Trades in Corrective Pattern

The technical analysis of the daily time frame shows that the SHIB price has traded inside an ascending parallel channel since June 2023. The upward movement culminated with a high of $0.0000120 on December 17. Afterward, SHIB started to fall under a descending resistance trend line, reaching the lower portion of the channel.

However, SHIB regained its footing in February 2024 and broke out from the descending resistance trend line. Despite the breakout, it did not move above the middle of the channel. Rather, it was rejected (red icon).

The daily Relative Strength Index (RSI) gives an undetermined reading. Market traders use the RSI as a momentum indicator to identify overbought or oversold conditions and to decide whether to accumulate or sell an asset.

Readings above 50 and an upward trend indicate that bulls still have an advantage, whereas readings below 50 suggest the opposite. The indicator is at 50 (green circle), showing an undetermined trend.

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