Chart by TradingView
Shiba Inu saw a significant bounce, but the price quickly reversed back towards the key support.
Key Support level: $0.000010, $0.000008
Key Resistance level: $0.000014, $0.000017
SHIB is found in a range with the key resistance at $0.000014 and support at $0.000010. The price made a good attempt at rallying and managed to reach the middle of the range. However, once there, bears took over and pushed the cryptocurrency back towards the support.
Trading Volume: The trading volume is low right now, signaling considerable uncertainty in the market.
RSI: The daily RSI has finally made a higher high and turned bullish. The buyers must defend the current support level to not lose this momentum.
MACD: The daily MACD is bullish with an expanding histogram. However, this latest price drop reduced the momentum for buyers.
The bias on SHIB is neutral. A break of the key resistance would change it.
SHIB has a chance to reverse here and return to an uptrend if the buyers return. If so, the price will then be able to test the key resistance at $0.000014. If bulls fail and the key support is broken to the downside, then a plunge towards $0.000008 becomes more likely.
