Key support level: $0.000023
Key resistance levels: $0.000030
As reported yesterday, SHIB moved closer to key resistance at $0.000023 which has now been firmly broken and turned into support. Once the price broke above this key level, the volume exploded and the cryptocurrency rallied towards $0.000030, which is now acting as fresh resistance.
This breakout ends the downtrend, which has lasted since November 2021. The big question now is if SHIB can make a higher high or move beyond $0.000032.
Technical indicators
Trading volume:Volume rose dramatically yesterday after price broke above $0.000023. This had not been seen since the January crash.
RSI: The daily RSI has made a higher high and went from 30 points to 60 points in less than a week. This may mean a pullback is likely in the future due to profit-taking.
MACD: The daily MACD is bullish and rising rapidly. This latest price increase only reconfirms the bullish bias. SHIB may continue for a while based on the MACD, and this latest move appears as a significant reversal from the previous trend.
Bias
The bias on SHIB is bullish. This latest breakout confirms a trend reversal.
Short term prediction for SHIB price
While SHIB may now consolidate just below key resistance at $0.000030, the price has broken the downtrend, and this is a significant change in the market. If SHIB manages to reach a higher high, a sustained rally can be expected, depending on overall conditions.
