SHIB is up 24% for the week and is approaching key resistance

• Major support levels: $ 0.000030; $ 0.000034
• Major Resistance Levels :: $ 0.000038; $ 0.000047

SHIB is trying to break out of a downtrend that started at the ATH level. So far, the $ 0.0000038 resistance has prevented SHIB from rising higher. Current support is at USD 0.00034 and the SHIB can continue to move sideways until a breakout occurs.

Daily SHIB / USDT Chart | Source: TradingView

Technical indicators

Volume: Volume has increased since SHIB bounced off the USD 0.000030 support. This shows that interest in SHIB is growing, a positive signal for the bulls.

RSI: The daily RSI hasn’t made a higher high on this last rally, but so far it’s hard to say that this is a bearish move.

MACD: The daily MACD is still bullish, but its histogram has lost some of its momentum in the past few days. This could be because SHIB is consolidating under the resistance. If momentum subsides, the cryptocurrency could retest the vital support level.

Daily SHIB / USDT Chart | Source: TradingView

Perspectives

SHIB’s trend is bullish. Even if there is a pullback, it will only be a healthy move before higher highs are made.

If the SHIB manages to break current resistance at $ 0.000038, a rally to $ 0.000047 is possible, which is the next major level to watch. Otherwise, the SHIB could see a retreat towards the key support at USD 0.00034 before making another attempt to move higher.

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.

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