SHIB needs to regain this level to confirm a bullish reversal
- Key Support Level: $ 0.000030
- Key Resistance: $ 0.000034
After the SHIB hit the USD 0.000030 support, buying pressure rose, pushing the price above a descending wedge (in blue). Now the price is just below the critical resistance of $ 0.00034. A breakout or rejection around this level will largely determine the direction of the future trend.
Daily SHIB / USDT Chart | Source: TradingView
Technical indicators
Volume: Volume was explosive during this rally but quickly declined as SHIB neared resistance. Now is a crucial moment that will determine price action in the near future.
RSI: The RSI is rising again in the daily timeframe. This shows that selling pressure has subsided and a rally is imminent.
MACD: After a month and a half, the daily MACD has finally formed a bullish cross. This is a bullish signal. If the SHIB can hold this, a breakout above the USD 0.000034 resistance is certain.
Daily SHIB / USDT Chart | Source: TradingView
Perspectives
The trend towards SHIB is turning upwards. However, to confirm this, the price needs to break the critical resistance at $ 0.00034.
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SHIB needs to regain this level to confirm a bullish reversal
- Key Support Level: $ 0.000030
- Key Resistance: $ 0.000034
After the SHIB hit the USD 0.000030 support, buying pressure rose, pushing the price above a descending wedge (in blue). Now the price is just below the critical resistance of $ 0.00034. A breakout or rejection around this level will largely determine the direction of the future trend.
Daily SHIB / USDT Chart | Source: TradingView
Technical indicators
Volume: Volume was explosive during this rally but quickly declined as SHIB neared resistance. Now is a crucial moment that will determine price action in the near future.
RSI: The RSI is rising again in the daily timeframe. This shows that selling pressure has subsided and a rally is imminent.
MACD: After a month and a half, the daily MACD has finally formed a bullish cross. This is a bullish signal. If the SHIB can hold this, a breakout above the USD 0.000034 resistance is certain.
Daily SHIB / USDT Chart | Source: TradingView
Perspectives
The trend towards SHIB is turning upwards. However, to confirm this, the price needs to break the critical resistance at $ 0.00034.
Join Bitcoin Magazine Telegram to keep track of news and comment on this article: https://t.me/coincunews
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