SHIB holds important support, what’s next?

• Key Support Level: $ 0.000030
• Key Resistance: $ 0.000034

SHIB eventually fell to the USD 0.000030 support, which is the best zone to reverse the current downtrend. This is because this level is its all-time high to date.

In addition, the downtrend forms an ending crossover (blue area). A break out of this triangle could push the price up to the $ 0.000034 resistance and potentially initiate a significant rally.

Daily SHIB / USDT Chart | Source: TradingView

Technical indicators

Volume: The volume remains low during this correction. However, a trend reversal should prompt buyers to quickly look back at past price movements.

RSI: The RSI hits higher lows every 12 hours. However, this has not yet happened on a daily basis. Therefore, SHIB could consolidate further above key support before recovering.

MACD: The daily MACD has yet to form a bullish cross. However, this can happen anytime when volatility returns as the MACD and signal lines are very close to each other.

Daily SHIB / USDT Chart | Source: TradingView

Perspectives

The current outlook is neutral. A break above the USD 0.00034 resistance could help the price return to the uptrend, while a break below the USD 0.000030 support would be bearish.

Short term forecast

The SHIB correction has been going on for nearly two months, and the price has fallen more than 60% from its all-time high of $ 0.000088. Because of this, the downtrend is more likely to reverse soon.

Technical indicators now favor a retest of the $ 0.000034 resistance level.

Join Bitcoin Magazine Telegram to keep track of news and comment on this article: https://t.me/coincunews

Follow the Youtube Channel | Subscribe to telegram channel | Follow Facebook page