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Shiba Coin (SHIB), the second-largest meme coin by market value, did not experience the expected increase during the recent uptrend. Moreover, losses in the BTC price caused it to lose the resistance area it struggled to overcome again. So, what does the current price path indicate for SHIB in terms of dollars?
Shiba Coin (SHIB)
Readings on the daily chart show that the price has been consolidating in a rising parallel channel since the middle of last year. On December 17, this parallel channel triggered a peak of $0.0000120. The price, rejected by the resistance line of the channel, confirmed this area. During the same period, speculative meme coins with lower market values managed to attract more attention, resulting in SHIB not meeting expectations.
After peaking, Shiba Coin fell below the middle line of the channel, following its decline. Moreover, it tends to confirm the significant horizontal support area it lost as resistance.
The RSI on the daily chart is below 50 and has not reclaimed the neutral zone, supporting the negative outlook on the daily chart.
Shiba Coin Commentary
Shorter-term charts can contain important signals for the coming days. When we look at the 6-hour chart for Shiba Coin, we see that since the price rejection on December 17, the price has continued to melt within a decreasing parallel channel. Such channels can bring weeks-long corrections, but they are ultimately prone to significant breakouts.
Shiba Coin, which attempted to overcome the resistance line of the channel, was rejected from this area. Moreover, long upper wicks reflect the dominant selling pressure of bears in the resistance area. We had mentioned in recent days that there was no growth on the Shibarium side to support the price. In other words, Shiba Coin, like DOGE, is lonely and does not whet investors’ appetites even during intermittent uptrends.
Looking at all these details as a whole, it is likely that the Shiba Coin price will drop to the support line of the channel and the horizontal support area of $0.0000076. However, a surprise break from the channel could lead to a recovery to the next resistance area of $0.0000105.
Statements to be made by Powell in a few hours will significantly affect the macro outlook. If the Fed Chairman adopts an optimistic approach, this could also bring smiles to the faces of SHIB investors.
