SHIB is facing a “heavy dollar” resistance that could end the downtrend

SHIB is currently approaching a key resistance level. A break above this level is more likely to result in a near-term rally after weeks of decline.

Key support level: $0.000018.

Key resistance levels: $0.000023, $0.000026.

At the time of writing, SHIB is facing a critical resistance at $0.000023. This is the only barrier preventing the price from breaking out of the downtrend that started in November 2021.

A successful break of this level is likely to propel the price much higher. In case of failure, SHIB has a decent support at $0.000018.

Source: TradingView

Technical Analysis

Volume: Volume rose on Saturday after an attempt to break a key resistance level. The bears have stepped in and pushed the price back below this key level, but another breakout attempt seems imminent.

RSI: The daily RSI is forming a higher low and appears to be heading for a higher high as well, especially as the price breaks a key resistance level. If successful, SHIB could enter a significant rally.

MACD: The daily MACD histogram shows positive momentum with higher highs and extended moving averages. As long as this holds true, SHIB has a strong chance of going much higher.

Source: TradingView

The bias for the SHIB is bullish unless a key resistance level is not broken in the coming hours or days.

SHIB price short term prediction

Looking at recent indicators and price action, a break of the critical resistance at $0.000023 is a seemingly inevitable move. This will likely happen early next week if this momentum continues. The current price action is favoring the bulls and the sellers appear to be running out of steam.

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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