Although the price of Shiba Inu (SHIB) experienced a breach earlier, it is currently struggling to maintain its bullish momentum. Looking at the daily time frame, there are mixed signals.
On the one hand, the price broke the long-term bearish resistance line that has existed since February and completed an ABC correction while staying below this resistance line. The correction ended at the 0.786 Fibonacci retracement support level and the daily RSI rose above 50 on April 1st. Despite these positive indicators, SHIB price was unable to maintain its upward movement after the breach. In addition, it did not reach the nearest resistance at $0.0000123. It is currently trading near the pre-breakout levels, which is a sign of weakness. Moreover, the long upper wicks characterize the price action.
If the SHIB price drops below the 0.786 Fibonacci level, a decline to $0.0000077 is likely.
April Shiba Inu (SHIB) Price Forecast: Will Bullish Pattern Breakout?
Technical analysis on the short-term six-hour time frame supports the possibility of a breach and the continuation of the bullish movement. As a result, it gives a bullish price prediction for SHIB for the month of April. The reason for this is the creation of an ascending triangle, which is considered a bullish pattern.
SHIB price is close to the support line of the pattern, which indicates that a rebound is expected in the next 24 hours. A close above the $0.0000115 resistance area would confirm the breakout. The bullish move that goes through the entire height of the pattern will take SHIB price to $0.0000137, moving above the previously identified resistance area and reaching the top of wave B.
On the other hand, closing below the ascending support line would negate the bullish expectations for the price of Al Shaybah. In this case, SHIB could drop to $0.0000077.
In conclusion, the most likely SHIB price forecast is to exit the short-term triangle and increase towards at least $0.0000125 and possibly $0.0000137. This bullish analysis will be invalidated by closing below the short-term ascending support line and could cause a drop to $0.000077.
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Disclaimer
In line with Trust Project guidelines, this price analysis article is for informational purposes only and should not be considered financial or investment advice. BeInCrypto is committed to accurate and unbiased reporting, but market conditions are subject to change without notice. Always do your own research and consult with a professional before making any financial decisions.
