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Shiba Technical Analysis – December-6-2023

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FxNews – The SHIBUSD pair recently achieved a notable breakout, surpassing the highest price in November during the previous day’s trading session. In this surge, the SHIBUSD pair reached the 78.6% Fibonacci retracement level, as seen on the daily chart. Currently, Shiba is experiencing a pullback, which was hinted at by the RSI (Relative Strength Index) indicator. This indicator had been hovering in the overbought zone, suggesting a possible reversal.

Shiba Technical Analysis - December-6-2023

SHIBA Technical Analysis – Daily Chart

Shiba Technical Analysis: 4H Chart

FxNews – Here, the breakout above the September high becomes more evident. The RSI indicator on this timeframe mirrors the daily chart, continuing to signal an overbought condition. Based on these observations, we expect that the SHIBA price may face downward pressure, potentially testing the support level around the 96 area. This particular support level could present a favorable opportunity for new buyers to enter the market, betting on the continuation of the bullish trend.

SHIBA Technical Analysis

SHIBA Technical Analysis – 4H Chart

However, there’s an alternate scenario to consider. If Shiba closes and stabilizes its price below the 96 support level, the SHIBUSD pair could face further downward pressure. This scenario might lead the pair towards the median line of the previously broken bearish channel, with a potential eye on the 885 pivot as the next critical juncture.

Overall, this SHIBA technical analysis suggests a volatile market with key levels to watch. Investors and traders should keep a close eye on these pivotal points to better understand the potential direction of the SHIBUSD pair in the near term.

  • 6 December 2023
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