After an impressive rally last week, SHIB corrected and faced a key support level. Will the price hold this support?

Key support level: $0.000028.

Key resistance levels: $0.000034.

Last week, SHIB rallied more than 50% and hit the key resistance at $0.000034. Since then, the price has corrected back to the $0.000028 support and is currently consolidating above it. If sentiment remains optimistic and holds key support on Monday, SHIB could see a fresh rally.

Source: TradingView

Technical indicators

Volume: Declining volume is becoming a problem for SHIB and its bullish ambitions. This is usually a sign of weakness in the current uptrend. If this does not change, it will be difficult to break the key resistance.

RSI: The daily RSI has fallen back to 56 points and has not yet reached the overbought territory. This shows that SHIB has enough fuel to start a rally before another significant correction occurs.

MACD: The daily MACD is rising but the histogram and moving averages are falling. This is not the ideal scenario but was expected after last week’s strong rally.

Source: TradingView

The trend for SHIB is now bullish unless a break of key support.

SHIB price short-term prediction

As long as the price does not fall below the key support area, SHIB has a chance to move higher next week. The only concern remains that the reduced volume will hurt the upside momentum. Things could change in SHIB’s favor immediately, but this looks uncertain at the time of writing.

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