After an impressive rally last week, SHIB had seen a correction, facing the key support level. Will the support hold?
Key support level: $0.000028
Key resistance levels: $0.000034
Last week, SHIB rallied over 50%, reaching our key resistance at $0.000034. Since then, the price corrected back to the support at $0.000028 and now consolidates above the level. If the sentiment remains bullish on Monday and key support holds – SHIB may see a renewed rally.
Technical indicators
Trading volume: The drop in volumes is becoming a concern for the SHIB and its ambitions to go higher; this is usually a sign that the current uptrend is weakening. If this does not change, a break of the key resistance will become quite unlikely.
RSI: The daily RSI fell back to 56 points and has yet to reach the overbought area. This indicates that SHIB has enough fuel to initiate the bullish rally before another significant correction.
MACD: The daily MACD is bullish, but the histogram and moving averages are down. Not ideal but expected after such a rally last week.
Bias
The bias on SHIB is bullish unless key support is broken.
Short term prediction for SHIB price
As long as the price does not break below the key support, SHIB has a good chance to go higher in the coming week. The only concern remains the drop in volume which impacts the bullish momentum. Things could change in SHIB’s favor in an instant, but that seems uncertain at the time of this post.
