Shiba Inu (SHIB) increases by 20% a day, where is the next goal?

• Key Support Level: $ 0.000042
• Key Resistance: $ 0.000062

Shiba Inu (SHIB) continues the rally today with another impressive climb of over 20%.

SHIB defied all expectations and doubled in a week. This shows that the attractiveness of the coin meme has surpassed many basic arguments in the altcoin market. Apparently the Shiba Inu has risen parabolically with possible external fib retracement resistance levels. On the flip side, the $ 0.000042 area should now act as support.

Whenever a coin moves parabolically, support and resistance levels can change very quickly, especially when it is in the pricing phase. The bulls and bears must rebalance over several attempts to identify levels of support and resistance. This means that the volatility will be high.

12-hour SHIB / USDT chart | Source: TradingView

Technical indicators

Trading Volume: The volume has gradually decreased as the price made higher highs. Hence, it is important to keep a close eye on the parabolic trendline because once it is broken, the Shiba could initiate a correction.

RSI: The RSI is in the overbought territory and continues to move up. This shows that the bulls are in full control of the market.

MACD: The MACD is extremely bullish, with the MACD sloping up and its histogram generating higher momentum bars.

12-hour SHIB / USDT chart | Source: TradingView

Perspectives

The breakout over the descending triangle opened a significant rally. There are some early signs that the bulls may need a break before pushing further up (see Volume). However, the bears will have to push the price below the current parabolic trendline to confirm this possibility. Until then, there is little that can stop Shiba from climbing to a higher level. The logical target is currently the $ 0.000062 level.

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 Cryptopotato

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