Key Support level: $0.000023
Key Resistance levels: $0.000030
As indicated yesterday, SHIB closed in on the key resistance at $0.000023, which has now been firmly broken and turned into support. Once the price moved above this key level, the volume exploded, and the cryptocurrency rallied towards $0.000030, which is now acting as new resistance.
This breakout ends the downtrend, which has lasted since November 2021. The big question now is if SHIB can make a higher high or move beyond $0.000032.
Trading Volume: The volume increased dramatically yesterday after the price broke above $0.000023. This hasn’t been seen since the crash in January.
RSI: The daily RSI has made a higher high and went from 30 points to 60 points in less than a week. This may mean a pullback is likely in the future due to profit-taking.
MACD: The daily MACD is bullish and moving higher at a fast pace. This latest increase in price only reconfirms the bullish bias. SHIB can continue up for quite a while based on the MACD, and this latest move appears like a significant reversal in the previous trend.
The bias on SHIB is bullish. This latest breakout confirms a trend reversal.
Short-Term Prediction for SHIB Price
While SHIB may now consolidate just under the key resistance at $0.000030, the price has broken away from the downtrend, and this is a significant change in the market. If SHIB manages to make a higher high, then a sustained rally can be expected, depending on overall conditions.
Binance Free $100 (Exclusive): Use this link to register and receive $100 free and 10% off fees on Binance Futures first month (terms).
PrimeXBT Special Offer: Use this link to register & enter POTATO50 code to get 25% off trading fees.
Disclaimer: Information found on CryptoPotato is those of writers quoted. It does not represent the opinions of CryptoPotato on whether to buy, sell, or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk. See Disclaimer for more information.
Cryptocurrency charts by TradingView.
Credit: Source link