SHIB up 20%, will it hit new ATHs?

• Key Support Level: $ 0.000032
• Key Resistance: $ 0.0000035

After a long period of consolidation, SHIB has finally broken out of the descending triangle today. It was initially rejected from the resistance level of $ 0.0003. However, after a slight pullback, SHIB climbed to the top, climbing to an all-time high of $ 0.000035.

According to CoinGecko, this is about 10-12% away from the current daily highs. If this resistance is overcome, SHIB enters the pricing phase.

The bulls and bears are currently struggling below this significant resistance. It’s not clear if SHIB has enough strength to drive the price up on this run. However, after rising 20% ​​that day, Shiba Inu is likely to consolidate before another breakout attempt is made.

12-hour SHIB / USDT chart | Source: TradingView

Technical indicators

Trading Volume: Volume increased as price broke the USD 0.0003 resistance level. This shows that the bulls have taken control of the price action. The question is whether they can hold out for the next few days.

RSI: The RSI is in the overbought territory, hitting near 80 on the 4 hour timeframe, so price could correct in the near future to cool this gain down.

MACD: Its histogram has produced higher momentum bars and has just returned to positive territory, suggesting that SHIB could continue to rise in the long term.

SHIB / USDT 4-hour chart | Source: TradingView

Perspectives

While there are good reasons for the SHIB to move higher at the moment, a breakout above the all-time high is essential to confirm that the SHIB can hold its current gains and move higher.

Until that happens, it is best to be careful as the price is hovering pretty close to the ATH level as any rejection could push the price back to $ 0.000032 or below.

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SN_Nour

According to Cryptopotato

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