Shiba Inu Price Analysis

Shiba Inu (SHIB) experienced a slight price increase, prompting recovery expectations. However, an analysis of the charts suggests that a full bullish retrace lacks solid foundation.

Currently, the price of SHIB is around $0.00001352, reflecting a small rise from recent lows. Nevertheless, this apparent recovery does not align with reality, as the asset remains below its long-term downward trendline, which has acted as resistance. Caution is advised regarding short-term gains until SHIB manages to break above this critical level.

The prevailing trend remains bearish, characterized by lower highs and lower lows, indicative of a classic downward pattern. The recent price movement appears to be a retracement, likely spurred by short-term traders capitalizing on oversold conditions. For a genuine recovery, SHIB needs to rise above the trendline currently situated around $0.00001497. A strong breakout here, accompanied by significant volume, could signal a return of bullish momentum.

Without such a breakout, SHIB remains vulnerable to further declines. If it fails to break above the key resistance level, another downturn could follow. A drop below $0.00001200, identified as the next major support level, may trigger further declines. Conversely, achieving upward movement beyond $0.00001500 could allow SHIB to challenge higher resistance levels around $0.00001680 and beyond.

In conclusion, despite recent gains, SHIB is not in a recovery phase. The asset continues to be mired in a downward trend, with any potential momentum shift reliant on breaking the trendline resistance. Current upward movements should be interpreted as temporary corrections rather than the onset of a new bullish phase.