SHIB up 10% after finding support, here’s the next target
The key area of support has held and the SHIB bulls have enough confidence to come back into play and propel the price higher.
- Key support: $0.000028
- Major Resistances: $0.000034
In our final analysis, the big question is whether SHIB can hold the critical support at $0.000028. The answer was yes, and the cryptocurrency has since gone up by more than 10%.
If the bullish momentum continues, SHIB is very likely to hit the critical resistance at $0.000034.
Volume: Trading volume continues to decrease regardless of the current price action. This is a bit concerning as it calls into question the strength of the rally.
RSI: The daily RSI is rising again and it is currently at 60 after making a higher low. This confirms that the price action is bullish.
MACD: The daily MACD is in positive territory and is likely to remain so for the rest of the week as long as the price does not break below the critical support.
SHIB’s current trend is bullish.
Short term prediction
SHIB has a good chance of moving towards the critical resistance at $0.000034. Buyers are still interested in SHIB, but volume is still weak. This could prompt sellers to react to this price action and offer some resistance before the bulls manage to take to key resistance.
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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