Chart by TradingView
Shiba Inu broke several key levels. However, it appears to struggle to maintain its recent gains.
Key Support levels: $0.0000080
Key Resistance levels: $0.0000094
Despite a significant breakout that saw the price quickly move above the resistance at $0.000094, sellers returned in force and pushed SHIB under this key level.
The cryptocurrency is now attempting to find support on top of the ascending wedge. If successful, then the rally might continue. Otherwise, the SHIB price may fall within the wedge, which could put an end to this bullish momentum.
The level of buying pressure on Saturday was not seen since early 2023, when SHIB had a similar spike in price. Back then, bulls dominated for over a month. To reach a similar result, buyers have to hold above the wedge and push higher by turning the resistance at $0.0000094 into support.
During the massive buying, SHIB’s daily RSI reached 77 points which placed it in the overbought area. This prompted sellers to come back and push the price down.
As presented in the below chart, the RSI is making higher lows and highs. This is widely perceived as a bullish indication, and so long the price holds above the wedge, then SHIB might continue higher.
The bias for SHIB is bullish.
A battle at the $0.0000088 level seems likely as buyers and sellers look to position themselves above the wedge. Whoever is successful will decide where SHIB’s price goes next.
