Shiba Inu prices experienced a significant increase in the midst of August, peaking at about 0.00001800 and then falling to an average price of $0.0000805. Midway through August, the prices arrived at the lower support level of the parallel channel after a prolonged decline.
Furthermore, the price remained stable between the lower support level and the average level for over a week before rising above the intermediate level ($0.0000805) and back to the support level.
For about a week, the price was constrained between the resistance and the $0.0000805 level. Later, prices had a significant dip, falling below the average from where the prices instantly rose and then continued to consolidate around the same levels.
The graph shows waves A, B, and C, indicating that prices are expected to climb above the barrier. If the price bounces off and reaches $0.000001409, a big profit is expected. The minimum target is set at $0.0000880.
If the above level continues to act as a support, the bullish thesis will hold true. The bears will take over if prices go below this level, discrediting the bullish premise and predicting a significant loss. Below this level, which would indicate a 30% decrease from the current Shiba INU(SHIB) price, would be the next target zone.
