Will SHIB break out after days of consolidation?

After a difficult few days, SHIB is starting to give clear bullish signals for a new potential rally.

Key support level: $0.000018.

Key Resistance: $0.000023.

As the SHIB continues to consolidate below the critical resistance at $0.000023, the MACD has turned bullish. The longer the price holds the current level, the higher the chances of a breakout. Accordingly, if this momentum holds, a retest of the $0.000018 support is unlikely.

Source: TradingView

Technical indicators

Volume: The volume remains low. However, buyers appear to be leading the price action with four green days over the past week.

RSI: The daily RSI has left the oversold zone and is currently at 35 points. To make a higher high and start an uptrend, the RSI needs to break above the 50 level, but that seems a bit far-fetched at the moment.

MACD: The daily MACD made a bullish crossover 3 days ago, suggesting that the current price consolidation may break north soon. When the key resistance level is broken, this signal is confirmed. For now, the momentum in favor of the bulls depends on the current MACD-Histogram and the moving averages.

Source: TradingView

SHIB’s trend is currently neutral. A break above the key resistance is required to tip up.

Short-term forecast for the SHIB price

SHIB has not seen such a “sideways trend” since last year when prices consolidated for several months. If this continues, SHIB is likely to break above the current downtrend line in the next few days. The SHIB might also try to break the critical resistance at $0.000023 earlier as indicated by the MACD. If successful, this coin meme will quickly soar higher.

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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