$SHIB
🚨Technical Analysis: Will SHIB Bounce?🚨
With every retest, the value area and the POC’s effect of producing a bounce will grow weaker, reducing the chances of a bounce. Hence, SHIB, which is retesting the value area’s upper limit at $0.00001256, is unlikely to trigger a massive recovery rally. Any meaningful uptrend is likely to be met with headwinds due to the recent Bitcoin crash.
To make matters worse, the Relative Strength Index (RSI) has flipped below the mean level and is approaching the oversold level, indicating a seller-controlled market condition. The same bearish momentum is depicted by the Awesome Oscillator’s (AO) red histograms growing in size below the zero level.
Hence, investors can assume that the probability of a SHIB bounce either at $0.00001256 or $0.00001090 are low.
