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

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