SHIB is breaking out of the descending channel, this is the next key level to watch | Feb 10

After a brief pullback, SHIB appears to be moving higher and challenging the next key resistance at $0.000037.

• Key support level: $0.000029
• Major Resistances: $0.000037

SHIB has seen a short-term rise thanks to a positive reaction from buyers after the price broke above the descending channel. Today’s bullish candlestick implantation suggests that the SHIB will continue to move higher and will soon test the critical resistance at $0.000037. On the downside, the critical support stands at $0.000029 and it successfully tested it yesterday.

 Source: TradingView

Technical indicators

Volume: Volume fell sharply after the breakout. This also reduced bullish momentum, but SHIB remains bullish in the near-term.

RSI: The daily RSI seems poised to break into overbought territory. If the SHIB moves to the critical resistance, the RSI is likely to become overbought. Best be careful when this happens.

MACD: The daily MACD is turning up which is a clear bullish signal. It is important to watch how the SHIB reacts at a key resistance level for signs of weakness.

 Source: TradingView

Perspectives

SHIB’s current trend is bullish.

Short term prediction

A retest of the critical resistance at $0.000037 seems imminent given the current price action. However, SHIB has had a strong bounce after the recent low. As a result, the risk-reward (RR) ratio is less favorable for the bulls at the moment.

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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