Chart by TradingView
After an impressive rally last week, SHIB had seen a correction, facing the key support level. Will 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.
Trading Volume: Decreasing volume is becoming a concern for SHIB and its ambitions to go higher; this is usually a weakening sign of the current bullish trend. 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 falling. This is not ideal but anticipated after such a strong rally last week.
The bias on SHIB is bullish unless key support is broken.
As long as the price does not fall under the key support, SHIB has a good chance to go higher in the coming week. The only worry remains the falling volume which is impacting the bullish momentum. Things could change in SHIB’s favor in an instant, but this appears uncertain at the time of this post.
