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    Home » Price Analysis » Shiba Inu Price Analysis: SHIB At a Critical Decision Point Following 10% Daily Surge

    Shiba Inu Price Analysis: SHIB At a Critical Decision Point Following 10% Daily Surge

    Author: Duo Nine

    Last Updated Dec 21, 2021 @ 15:29

    SHIB has seemingly managed to halt the downtrend from the past couple of months and surged by more than 10% in a day. 

    Key Support level: $0.000030 

    Key Resistance level: : $0.000034

    After SHIB arrived at the $0.000030 support level, the price action intensified, and the cryptocurrency made a quick dash above the descending wedge (in blue) in a clear bullish move which we anticipated in the last SHIB analysis. Now, the price sits just under the key resistance at $0.000034. The next move from SHIB will be decisive.

    Chart by TradingView

    Technical Indicators

    Trading Volume: Volume exploded on this move higher but quickly faded as SHIB approached the resistance level. Now it’s at an important decisive moment that will determine its trajectory for the near-term future.

    RSI: The RSI is curving back up on a daily timeframe. A break of the key resistance will likely lead to a rally if the bulls manage to do so, of course.

    MACD: After a month and a half, the daily MACD has finally made a bullish crossover. This is excellent news for buyers. If SHIB can sustain this positive momentum, then the price will surely reflect it.

    Chart by TradingView

    Bias

    The bias on SHIB is turning bullish. However, the price has to break the key resistance at $0.000034 to confirm this.

    Short-Term Prediction for SHIB Price

    SHIB has a real chance to rally higher after touching the $0.000030 support level. The biggest challenge for the cryptocurrency right now is if it can move past the key resistance at $0.000034.

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    Disclaimer: Information found on CryptoPotato is those of writers quoted. It does not represent the opinions of CryptoPotato on whether to buy, sell, or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk. See Disclaimer for more information.

    Cryptocurrency charts by TradingView.
    Tags: Shiba Inu (SHIB)
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    About The Author

    Duo Nine
    More posts by this author

    Duo Nine is a seasoned cryptocurrency technical analyst with over five years of experience in price action trading. After buying his first Bitcoin in 2014, Duo never left the blockchain ecosystem. You will find him posting charts most of the time and hanging out on his Discord crypto community. Contact: Twitter

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