SHIB rebounds 50% from the low, what’s next?
- Key Support Level: $ 0.000055
- Key Resistance: 0.000063 $
SHIB made up most of its losses over the past week with a 50% gain yesterday. The big question, however, is whether SHIB will hit a lower high. At the time of writing, SHIB is still trying to break above the critical resistance at $ 0.000063. Failure to close on it would confirm a lower top and that could allow the bears to regain control of the price.
The price is currently holding above the $ 0.000055 support, but another break below that will encourage the bears to push the SHIB down.
12-hour SHIB / USDT chart | Source: TradingView
Volume: A strong volume has brought the SHIB back into the triangle (blue) and the bulls’ job right now is to keep the price in there and try to break out.
RSI: After falling below 30 in the 4 hour timeframe, the RSI bounced back quickly and is now rising. However, on the daily timeframe, the RSI is making a lower high. This is a cautionary note to the cops. Price’s failure to break above $ 0.000063 in the next few days would point to a return for the bears.
MACD: The MACD in the daily timeframe is still bearish. This final rally offers hope to SHIB owners, but the bulls have to keep pushing the price higher. Otherwise, signs of weakness will be immediately exploited by the bears.
SHIB / USDT 4-hour chart | Source: TradingView
The fact that the SHIB rebounded 50% from its lows shows strong demand at lower levels. However, that it didn’t break above $ 0.000063 in the next few days would suggest that this is a dead hop.
A break below $ 0.000055 suggests a strong return from the bears. The SHIB could quickly fall towards the recent lows of $ 0.00044.
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.
According to Cryptopotato