The SHIB was rejected by the USD 0.000038 resistance and fell after the market downturn that began on Tuesday. The main support is currently at $ 0.000030 and could be retested if the overall market continues bearish.
USDT Chart | Source: TradingView
Volume: The trading volume is low despite the current correction. This gives hope that the SHIB can quickly reverse the trend when buyers return.
RSI: The daily RSI has now stopped falling and if price makes it this could be interpreted as a higher low here, a sign of an uptrend.
MACD: The daily MACD remains bullish. If the SHIB can reverse from current levels, it is likely that it will break the USD 0.000038 resistance and move higher.
Price action and technical indicators suggest the SHIB could remain stuck in the $ 0.000030 to $ 0.000038 range for a few more days.
Due to the wide trading range, drop-to-range support could revive a buying opportunity with an attractive RR. The trend is determined when the price breaks out of the range.
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George Town, Grand Cayman, 22nd November 2024, Chainwire
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