- Major support level: $ 0.000050; $ 0.00044
- Key Resistance: $ 0.000055; $ 0.000063
The bulls attempted to push the SHIB down to the USD 0.0000055 resistance after breaking above the descending triangle (in blue). At one point the price was up about 20% from the daily low.
If the bulls manage to turn the triangle’s resistance line (around $ 0.00050) into support, there is a good chance they will break the current resistance. Otherwise the bears could take over again.
Note that the rejection by the USD 0.000055 resistance could be interpreted as another lower high on the chart. Hence, the bulls will inevitably push the price up to confirm the correction is over.
12-hour SHIB / USDT chart | Source: TradingView
Volume: The volume is high when the price breaks above the triangle. However, this quickly disappeared as the price neared the resistance area.
RSI: The RSI has just made a higher high in the 4 hour timeframe. This is a bullish signal as it shows that selling pressures have eased.
MACD: The MACD has formed a bullish cross over the 4 hour timeframe, which is a good start for a potential reversal.
SHIB / USDT 2-hour chart | Source: TradingView
SHIB has a good chance of returning to the uptrend after breaking above the descending triangle. However, to maintain momentum, SHIB cannot go below $ 0.000050.
A break above $ 0.000055 will confirm the bulls have overwhelmed the bears. SHIB can then rise to the nearest resistance of $ 0.000063.
Contrary to this outlook, a break below $ 0.000050 will reaffirm that the downtrend continues with a target of $ 0.00044.
You can get the SHIB price. see Here.
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Disclaimer: This article is for informational purposes only, not investment advice. Investors should research carefully before making a decision. We are not responsible for your investment decisions.
According to Cryptopotato