After a short pullback, SHIB seems eager to go higher and challenge the next critical resistance at $0.000037.
Key support level: $0.000029
Key resistance levels: $0.000037
SHIB had seen a short-term spike as buyers were impatient following the descending channel’s breakout. Today’s bullish engulfing candle indicates that SHIB can continue higher and challenge the key resistance at $0.000037 very soon. On the other hand, the key support level at $0.000029 and was successfully tested yesterday.
Technical indicators
Trading volume: After an impressive breakout, the volume decreased drastically. This also reduced the bullish momentum, but SHIB remains bullish in the short term.
RSI: The daily RSI appears ready to enter the overbought area. If SHIB moves to the key resistance, the RSI will likely become overbought. Best to be cautious when that happens.
MACD: The daily MACD has widened to the upside, which is a clear bullish signal. It is important to watch how SHIB’s price action develops at key resistance for any signs of weakness.
Bias
The bias on SHIB is bullish.
Short term prediction for SHIB price
A retest of the key resistance at $0.000037 seems imminent given the current price action. However, SHIB might experience a sharp pullback after the parabolic run (without major correction so far). This makes the risk-reward ratio less favorable for bulls right now.
