Shiba Inu (SHIB), Uptrend Line Collapse...Risk of Reopening August Low

▲ Shiba Inu (Shiba Inu, SHIB), bear market, sell-off/AI generated image

Shiba Inu (Shiba Inu, SHIB) has broken below its uptrend line, triggering the first warning sign for its August rebound structure.

According to U.Today on September 11 (local time), Shiba Inu fell by approximately 3.2%, dropping below the uptrend line that had been in place since late August. Shiba Inu had consistently raised its lows after rebounding from around $0.0000044. Recently, it aimed for $0.0000055, but selling pressure regained control. The analysis indicates that the short-term technical burden has increased due to the collapse of the trendline that supported the upward movement.

The price has now entered a zone where major moving averages are clustered. The moving averages are located around $0.00000517, $0.00000504, and $0.00000494, respectively. Accordingly, $0.0000049 to $0.0000050 has been presented as the nearest key support zone. Whether this price range holds will be the first test to prevent further declines.

Upward momentum has also weakened. The Relative Strength Index (RSI) has fallen to 48.2, which is below both the signal average of 54.8 and the neutral level of 50. This means that, unlike during the August surge, buying pressure has not secured a clear advantage. The area between $0.00000565 and $0.00000570, where the long-term moving averages are located, remains the strongest resistance zone. Shiba Inu failed to settle above this price range even during its August surge.

At the lower end, defending $0.0000049 is crucial. If this support level breaks, $0.0000046 is presented as the next downside target. If selling pressure continues, it could fall back to approximately $0.0000044, where the August rebound began. Conversely, if it recovers $0.0000053, the short-term trend could improve, according to analysis.

To definitively revive the bullish structure, it needs to consistently break above $0.0000056-$0.0000057. U.Today evaluated the current break below the uptrend line and the weakening Relative Strength Index as short-term burdens. The key factors determining the future direction are whether $0.0000049 holds as support and whether the $0.0000057 resistance is broken.

[Article Summary]

-Shiba Inu has broken below the uptrend line that continued from late August, weakening its short-term technical structure.

-The key support zone is $0.0000049-$0.0000050, and if it breaks, $0.0000046 and $0.0000044 are presented as the next support levels.

-To revive the bullish structure, it needs to recover $0.0000053 and then overcome the resistance of $0.0000056-$0.0000057.

*Disclaimer: This article is for investment reference only, and we are not responsible for any investment losses based on it. This content should be interpreted for informational purposes only.*