Shiba Inu (SHIB) could retest key support before going up

• Key Support Level: $ 0.000240
• Key Resistance: $ 0.00000300

Shiba Inu rose more than 20% from support at $ 0.000240 to critical resistance at $ 0.0000300. SHIB formed a large descending triangle pattern (in blue). If price doesn’t break above the triangle’s resistance line in the next day or two, the Shiba Inu will likely fall back into support before the breakout.

SHIB / USDT 12-hour chart | Source: Tradingview

Technical indicators

Volume: The trading volume continues to decrease. This favors retesting the support before resuming the uptrend.

RSI: In line with price action, the RSI is making a lower high on the daily timeframe.

MACD: MACD is falling, its histogram has just moved into negative territory. This shows that the bears have regained their position and are in control of the price, at least until the price falls towards the USD 0.000240 support area where the bulls rebound.

Daily SHIB / USDT chart | Source: Tradingview

Perspectives

The short term trend is bearish as long as the price does not break above the descending triangle. Indicators on the daily timeframe support this view and it is more likely that the price will retest the USD 0.000240 support area before moving up.

The bulls will return to control on a breakout above $ 0.0000300.

Here you can see the SHIB prices.

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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.

SN_Nour

According to crypto potato

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