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SHIBA Technical Analysis – December-16-2023

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FxNews – The SHIBUSD pair recently retreated to the R1 support level after bulls tested the higher boundary of the bullish flag. This resistance area is reinforced by the 78.6% Fibonacci level, making it a substantial obstacle for the bulls. Currently, the SHIBUSD price is lingering just above the R1 resistance. This area of supply gains additional strength from the median line of the bullish channel, aligning with the 61.8% Fibonacci support.

As the Relative Strength Index (RSI) remains above the midline, we can anticipate a potential rise in the SHIBA price. In the event of a bullish surge, the immediate target would be the R2 resistance level.

SHIBA Technical Analysis - December-16-2023

SHIBA Technical Analysis – Daily Chart

Conversely, if bears manage to push the price below R1, we might see an extended consolidation phase, moving towards the pivot point. This pivot is underpinned by the lower boundary of the bullish flag.

  • 16 December 2023
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