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.

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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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