SHIB Technical Analysis – September 2021
Over the last month, SHIB has decreased by about 45%. This decrease was then followed by a slight increase up to $0.000008.
In the last seven days, SHIB has decreased by 25%, and it has indicated that SHIB is bearish despite the previous upward breakout. During these last few days, a triangle pattern has been forming, and a breakout might soon happen for SHIB.
In the intraday chart, we can notice that the price has been constantly declining. The volatility level is high, and its short-run momentum is bearish.
The 20-day moving average indicates that the price may go further down and that the MA line may act as resistance in the coming weeks for SHIB.
The 9-day EMA also showcases that the trend is now downward, and it also coincides with the current prices. While it may act as an indicator, the EMA line can also be a good structure of resistance.
Relative Strength Index
The RSI of a daily chart is at around 45. This tells us that the momentum is bearish. But if a breakout is to occur, the RSI might drastically increase or decrease.
The MACD is below its baseline since the signal line has taken over in the last few days. This indicator suggests the current bearish nature of SHIB and that it may keep decreasing in the coming days.
Fear & Greed
Fear and greed indicators suggest that the current emotion regarding SHIB is fear. There has been a bit of balance between the two primary emotions of trading, therefore it has not affected day trading at a large rate.
The Fibonacci levels of SHIB of the descending channel suggest that the price has exceeded the 38.2% level, but the 61.8% level is yet to be tested. If the price goes to that level and finds resistance, then we might see SHIB go further down.
Price Prediction SHIB – September 2021
Judging by this technical analysis, SHIB might go further down because the trend is bearish for both in the short term and in the long term. We might see SHIB go further down to $0.000004 if it beats the projected structures of support.
Latest News for SHIB – Affecting Price
It is hard to come up with a prediction for cryptocurrencies, especially for Dogecoin-influenced cryptocurrencies. Since such cryptos are heavily influenced by influencers such as Elon Musk, it might not take long before SHIB is up and running again
Also read: SHIBA INU Price Prediction 2021 and Beyond – Is SHIB a Good Investment?