Chart by TradingView
Shiba Inu tried to break higher, but failed so far.
Key Support levels: $0.0000025
Key Resistance levels: $0.000037
After an impressive rally, SHIB’s price seems to be taking a break under the key resistance at $0.000037. Buyers were unable to break above this level and the price ended up moving sideways.
The bullish momentum is taking a pause, but this also opens up an opportunity for sellers to return. If buyers don’t challenge the current resistance to break it soon, then bears may be encouraged to take SHIB to the key support at $0.000025.
The daily MACD histogram is making lower highs. This is an early bearish signal. If the moving averages also make a bearish cross, then SHIB’s price may test the current support level before buyers return.
The bias for SHIB is neutral.
Considering the price tripled in a week, a consolidation at this time is a healthy and expected move from Shiba Inu. As long as the key support at $0.000025 holds, then buyers can try to break higher later.
