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    Home » Price Analysis » Shiba Inu Price Analysis: SHIB Staging a Recovery Following a 24% Weekly Crash

    Shiba Inu Price Analysis: SHIB Staging a Recovery Following a 24% Weekly Crash

    Author: Duo Nine

    Last Updated May 18, 2022 @ 08:23

    Volatility has decreased since the crash on May 12th, and the price appears to be staging a significant move soon.

    Key Support level: $0.000010

    Key Resistance level: $0.000014, $0.000017

    SHIB has formed a large pennant (in blue in the chart below) which can break as soon as volatility returns. The current support is found at $0.000010, and the indicators suggest a bullish move might be in the cards soon, where SHIB could test the key resistance at $0.000014.

    SHIBUSDT_2022-05-18_10-22-10
    Chart by TradingView

    Technical Indicators

    Trading Volume: The volume has been low lately, but this is likely to change as soon as a break from the current formation takes place.

    RSI: The daily RSI is making higher lows, and it is about to also make a higher high. If this move intensifies, then the bias for SHIB could flip to bullish.

    MACD: The daily MACD is still bearish, but the histogram is bullish. A few days of this price action – and the key resistance may be tested.

    Bias

    The bias on SHIB is neutral. This can change to bullish if it breaks above the pennant.

    SHIBUSDT_2022-05-18_10-21-13
    Chart by TradingView

    Short-Term Prediction for SHIB Price

    A test of the key resistance at $0.000014 appears likely, but only if the price manages to break above its current levels on renewed momentum. If successful, SHIB’s next key resistance will be found at $0.000017.

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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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