The Shiba Inu (SHIB) price is attempting to bounce above multiple support levels. If successful, this could confirm that the correction is done.
The SHIB price has dropped since its yearly high of $0.0000157 on Feb. 4. A significant bearish divergence in the daily RSI (green line) preceded the decrease, leading to a low of $0.0000107 on March 4.
An important development is the fact that the SHIB token price broke down from the $0.0000122 support area. Currently, the Shiba Inu price is attempting to validate a previous long-term descending resistance line as support (green circle).
If it is unsuccessful, the SHIB price could fall to the next support at $0.0000100. However, if it bounces, a retest of the $0.0000122 area could be on the cards.
Shiba Inu (SHIB) Price Wave Count Suggests Bottom Is Close
The technical analysis from the six-hour time frame shows that the SHIB price has possibly completed an A-B-C corrective structure, which began after the yearly high on Feb. 5. If so, the SHIB price is either in wave C or it has already completed the correction.
A 1:1 ratio for waves A:C would lead to a low of $0.0000099. While this level has not been reached yet, the 0.618 Fib retracement support level at $0.0000108 has, allowing for the possibility that the correction is complete. This is also supported by the slight bullish divergence that has developed in the RSI.
As a result, the most likely price of Shiba Inu forecast is the completion of the C wave between these two levels followed by the continuation of the upward movement.
However, a fall below the wave one low at $0.0000078 would invalidate this bullish Shiba Inu coin analysis and could cause a drop toward $0.0000050.
To conclude, the most likely SHIB price outlook is the creation of a bottom close to $0.0000100 followed by an upward movement. A drop below $0.0000078 would invalidate this bullish forecast. In that case, the SHIB coin price could fall to $0.0000050.
For BeInCrypto’s latest crypto market analysis, click here.
Disclaimer
BeInCrypto strives to provide accurate and up-to-date information, but it will not be responsible for any missing facts or inaccurate information. You comply and understand that you should use any of this information at your own risk. Cryptocurrencies are highly volatile financial assets, so research and make your own financial decisions.
