SHIB has reached a critical resistance level. A break above would mean that SHIB could likely opt for a near-term price rally after a series of bearish weeks.
Key support level: $0.000018
Key resistance levels: $0.000023, $0.000026
At the time of this writing, SHIB is facing the critical resistance of $0.000023, which is the only barrier preventing the price from exiting the downtrend that started back in November 2021.
A successful break of this level would likely propel SHIB much higher. If not, SHIB has decent support at $0.000018.
Technical Indicators
Trading Volume: Volume spiked on Saturday following another attempt to break the key resistance. The bears stepped up and pushed SHIB back under this critical level, but a new attempt appears likely.
IRS: The daily RSI is making higher lows and also looks close to making a higher high, especially if price can break key resistance. If successful, SHIB can enter a major rally.
MACD: Good positive momentum on the daily MACD with higher-highs on the histogram and expanding moving averages. As long as this persists, SHIB has an excellent chance to move much higher.
bias
The bias on SHIB is bullish unless SHIB fails to break key resistance over the next few hours or days.
Short-Term Prediction for SHIB Price
Considering the indicators and latest price action, a break of the critical resistance at $0.000023 seems inevitable. This is likely to take place early next week if this momentum maintains. The current price action favors the bulls, and sellers appear exhausted.
