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BTC is reaching new highs while Shiba Coin’s price has once again dropped a zero, but this is not enough, and more is needed. As DOGE continues the day with double-digit gains, Shiba Coin is trying to catch up. Unlike usual, altcoins such as SOL and AVAX are making extremely modest movements, but the usually calm duo has turned their direction upwards again.
Shiba Coin Commentary
These days, significant breakouts are being noticed in altcoins. With the breaking of 500-700 day resistances, we may be on the threshold of an intermediate rally similar to that in December or the onset of a real major rally period. Shiba Coin’s price is about to surpass the long-term decreasing resistance trend line that has been stationary for 570 days.
The resistance trend line, which has been tested three times so far, has been rejected each time. The SHIB price has not yet been able to close above the trend line on a weekly basis and is trading in the horizontal resistance area. A few hours ago, we had shared similar views for XRP Coin and MATIC.
Although the confirmation of the breakout has not yet occurred, the RSI indicates that the rise could continue. Of course, the continuation of BTC‘s strong stance is important for this. The rest of the week will be busy on the macro front, and investors tend to reduce risk during such periods.
Moreover, since predictions about interest rate cuts have been postponed until July, a rise supported by a spot Bitcoin ETF is likely to bring about periods of correction similar to previous ones. Therefore, it is important for investors not to disregard the negative scenario.
Shiba Coin Price Prediction
Readings on the daily chart are much clearer, indicating a rise. The rapid recovery in the market has started a few days ago, and the rising trend that is not so clearly reflected on the weekly chart is giving early signals here. Shiba Coin’s price is trading within a rising parallel channel on the daily chart. The price is on the verge of breaking free from the middle of the long-term channel and the resistance of the short-term channel.
The daily RSI is in favor of the continuation of the rise and is increasing along with the price. If the expected breakout occurs, Shiba Coin’s price could reach the long-term channel’s resistance at $0.0000128 with an approximate 25% increase. If it fails to escape the channel, a return to the $0.0000080 support level would not be surprising.
