SHIB bounces back after profit taking, here is the next target
- Key Support: $ 0.000060
- Key Resistance: $ 0.00001
Since our last Shiba Inu (SHIB) analysis, Shiba has doubled again. The current all-time high is $ 0.00008854.
Shiba’s breakout over the flag (shown in our final analysis) paved the way for a strong rally to follow. Right now, the most obvious resistance is at $ 0.001, which is also the goal of most fans.
On the flip side, support is currently at $ 0.000060 which was successfully tested today.
Daily SHIB / USDT chart | Source: TradingView
Technical indicators
Volume: The volume continues to increase and tries to keep the price at a very high level. This may be because the Shiba hype is still going strong. However, the $ 0.0001 resistance will be a major hurdle for the bulls.
RSI: In a strong uptrend, when the RSI crosses above 90 is a good sign of an impending reversal. Today’s candle is shaped like a spinning top, which could be a reversal signal.
MACD: The MACD is still increasing in the daily timeframe. However, in the lower time frames, where the vulnerabilities tend to occur earlier, the histogram shows a lower high in the 4-hour frame. This suggests that SHIB may enter a period of consolidation or minor correction.
SHIB / USDT 4-hour chart | Source: TradingView
Perspectives
The excitement is at its peak. Usually this suggests that the price could hit a high soon. However, Shiba could climb further before reversing.
Short term forecast
The most important level that traders keep an eye on is $ 0.001. Will Shiba be able to break this resistance? If so, it could join another major rally before reversing. The bulls might view this as a profit-taking target, however, as $ 0.001 is an important psychological level in the Shiba community. This could result in a rejection and another sharp decline towards the USD 0.000060 support area.
Here you can see the SHIB prices.
Join Bitcoin Magazine Telegram to keep track of news and comment on this article: https://t.me/coincunews
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
Follow the Youtube Channel | Subscribe to telegram channel | Follow the Facebook page
Author
Market
SHIB bounces back after profit taking, here is the next target
- Key Support: $ 0.000060
- Key Resistance: $ 0.00001
Since our last Shiba Inu (SHIB) analysis, Shiba has doubled again. The current all-time high is $ 0.00008854.
Shiba’s breakout over the flag (shown in our final analysis) paved the way for a strong rally to follow. Right now, the most obvious resistance is at $ 0.001, which is also the goal of most fans.
On the flip side, support is currently at $ 0.000060 which was successfully tested today.
Daily SHIB / USDT chart | Source: TradingView
Technical indicators
Volume: The volume continues to increase and tries to keep the price at a very high level. This may be because the Shiba hype is still going strong. However, the $ 0.0001 resistance will be a major hurdle for the bulls.
RSI: In a strong uptrend, when the RSI crosses above 90 is a good sign of an impending reversal. Today’s candle is shaped like a spinning top, which could be a reversal signal.
MACD: The MACD is still increasing in the daily timeframe. However, in the lower time frames, where the vulnerabilities tend to occur earlier, the histogram shows a lower high in the 4-hour frame. This suggests that SHIB may enter a period of consolidation or minor correction.
SHIB / USDT 4-hour chart | Source: TradingView
Perspectives
The excitement is at its peak. Usually this suggests that the price could hit a high soon. However, Shiba could climb further before reversing.
Short term forecast
The most important level that traders keep an eye on is $ 0.001. Will Shiba be able to break this resistance? If so, it could join another major rally before reversing. The bulls might view this as a profit-taking target, however, as $ 0.001 is an important psychological level in the Shiba community. This could result in a rejection and another sharp decline towards the USD 0.000060 support area.
Here you can see the SHIB prices.
Join Bitcoin Magazine Telegram to keep track of news and comment on this article: https://t.me/coincunews
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
Follow the Youtube Channel | Subscribe to telegram channel | Follow the Facebook page
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