The Shiba Inu (SHIB) price has fallen since its rejection in August and is now trading inside the $0.0000080 horizontal support area.
Whether the price bounces or breaks down will be key in determining if the future price trend is bullish or bearish.
Shiba Inu Price Rejection Takes It Back to Support
The SHIB price has increased since its $0.0000054 low on June 10. The increase caused a reclaim of the $0.0000080 support area. Then, it took the price to a descending resistance line that has been in place for more than a year.
However, the line caused a rejection in August (red icon), causing a SHIB price drop to the $0.0000080 area.
The rejection from the descending resistance line is a bearish sign for the SHIB price. If the downward movement causes a breakdown from the $0.0000080 area, the price can fall by another 25% and reach the $0.0000060 horizontal support area. On the other hand, a breakout from the resistance line can cause a 90% increase to the next resistance at $0.0000150.
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Author: Valdrin Tahiri
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