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Shabarium, the second largest meme coin in terms of market value, has brought the community’s excitement to new heights. However, we have witnessed a steady decline in price due to its failure in its own L2 solution. Shibarium data shows that the layer2 network is flickering like a straw fire. So, what are the price expectations for SHIB Coin? Which direction is the expectation heading?
Shiba Inu (SHIB)
Since its launch in August, the price has been largely in a downward trend. During this time, the level of $0.0000080, which has been a support for over a year, has also been lost. The clear downward trend seen in the weekly chart started with the rejection of the long-term descending resistance line.
With the loss of critical horizontal support, the bulls’ hope had greatly diminished. Except for the deviation in June, the critical zone had been maintained for almost a year. After such breakouts, it would be expected for the price to test the horizontal support area as resistance, but Shiba Coin failed to do so. The RSI still supports the downward trend.
Shiba Coin Price Analysis
Readings in the weekly chart indicate that the downward trend may continue unless the horizontal support area is regained. On the other hand, the daily chart offers complex readings. Since August 14, the SHIB price has been in a decreasing parallel channel. Breaking out of the channel is the most likely scenario and triggers major movements in the short term.
Shiba Coin, which is close to the resistance line of the channel, also tested the support level here. If BTC continues to remain strong, the resistance line of the channel can be surpassed. This will mark the beginning of a rise that could end the downtrend.
Regardless of the direction of the breakout in the channel, there are two targets. We may witness high volatility in both directions. If the resistance level is broken, the price is expected to rise to $0.0000095 with a 30% increase. However, if we see a faster decline with the rejection of the resistance, in this case, $0.0000063 could be tested.
In the current period, BTC price movements are much more decisive for altcoins. If the $28,000 level cannot be held once again and the price falls to the $26,800 support, the downward target for Shiba Coin can become a reality. For the opposite scenario, BTC’s closings above $28,300 will be important.
