SHIB had had a correction after a spectacular rally the previous week, and it was approaching the critical support level. Will the current level of assistance be maintained?
$0.000028 is the key support level.
$0.000034, $0.000034, $0.000034, $0.000034, $0.000034, $0.
SHIB soared more over 50% last week, reaching our critical resistance level of $0.000034. Since then, the price has corrected back to the $0.000028 support level and is again consolidating above it. If positive momentum maintains on Monday and crucial support holds, SHIB might experience a new rise.
Indicators of Technical Excellence
Trading Volume: SHIB’s intentions to go higher are being hampered by dwindling volume, which is usually an indication that the current bullish trend is waning. A break of the key barrier will become increasingly unlikely if this does not alter.
RSI: The daily RSI dropped to 56 points and is still not in the overbought zone. This suggests that SHIB has enough gasoline to begin a bullish rally before another major correction.
The MACD indicator is positive on a daily basis, however the histogram and moving averages are decreasing. This isn’t great, but it was expected after last week’s big rally.
Unless crucial support is broken, the bias on SHIB is positive.
SHIB Price Prediction in the Short Term
SHIB has a decent probability of going higher in the coming week as long as the price does not fall below the crucial support. Only the declining volume, which is affecting the bullish momentum, is a source of concern. Things could shift in SHIB’s favor at any point, although this appears to be uncertain at this time.