Shiba Inu (SHIB), one of the most recognizable chest coins, continues to receive appreciation from many people with the developments in its ecosystem. Recently, the game called Shiba Eternity entered the market. In addition, SHIB burning activities continue. The community plans to reduce the number of SHIBs in circulation by burning SHIBs. Well, what does the technical analysis say about the coin price? Here are analyst Valdrin Tahiri’s SHIB expectations…
Will the Shiba Inu price go up?
Koindeks.com As we reported, SHIB has been falling since reaching $0.00001800 on August 14. The downward move so far has caused us to see $0.00000924 on October 14. According to the analyst, the price then bounced and created a bullish hammer candle. Over the past 30 days, price action has remained within the range of $0.00000980 to $0.00001190. Thursday’s bounce confirmed the lower end of the range. According to the analyst, this could be the catalyst for an accurate upside move to the high range.
The six-hour chart shows that SHIB price has dropped below a descending resistance line since August 14. The line he shows in red in the chart he shared below has been verified three times. According to the analyst, the last attempt to escape this trend took place yesterday. The six-hour RSI does not confirm the breakout now as it is still below 50. However, the price climbed above the $0.00001035 horizontal area and confirmed this as reinforcement. If there is a break from the line, the analyst’s most likely price claim is midway between $0.00001260 and $0.00001365.
Analyst: There are two reasons for breaking
According to the analyst, the four-hour chart supports the possibility of a price breakout. There are two reasons for this. First, the four-hour RSI has created a bullish divergence (green line) in the multisold zone. This was the catalyst for the short-term jump in price. Second, the price is trading in a descending parallel channel. These types of channels often contain corrective movements. This means that a definitive break is expected. A move above the middle of the channel will make this possibility even more possible.
A breakout from the channel would also indicate a run from the resistance line and the top of the range. Therefore, it can greatly accelerate the rate of increase of truth from the previous price claim to the region. As a result, the side of the long-term trend is still unclear as the SHIB is still trading in a range. However, the short-term price claim for the Shiba Inu suggests that a breakout from both the descending channel and the descending resistance line is expected. In such a case, the price would rise in the mid-$0.00001260 to $0.00001365. Conversely, a dip below the $0.00001035 horizontal area would indicate lower prices.
Latest data on SHIB incineration
Meanwhile, Travis Johnson, who manages the “Shib Wonder Store”, a supporter of the SHIB burning, announced how many coins they burned last week. Amazon states that together with ad profits and boards earned on Fiverr and MEXC, the total measure of SHIB burned so far this month accounts for $860. This is equivalent to 84,729,064 SHIB. “We’re on track to get to last month’s numbers,” Johnson says. Apart from Travis Johnson’s efforts, 385.1 coins were burned this week, according to the Shibburn account.