After days of consolidation, is the SHIB break coming?

0

After a few difficult days, SHIB is starting to give clear bullish signals that could emerge in the renewal of a possible price rally.

Key Support Level: $0.000018

Key Resistance Level: $0.000023

As SHIB continues to consolidate below key resistance at $0.000023, the MACD has turned bullish. The longer the price maintains its current level, the higher the chances of a breakout. The support at $0.000018 is unlikely to be retested if this momentum continues.

Chart by TradingView

Technical indicators

Trading volume: The volume remains low. However, the buy side appears to be leading the price action with four green days in the past week.

IRS: The daily RSI has left the oversold zone and is currently at 35 points. In order to reach a higher high and start an uptrend, the RSI needs to break above 50 points, which seems a bit far off at the moment.

MACD: The daily MACD made a bullish crossover three days ago, signaling that this price consolidation may soon see a break to the upside. If the resistance of the key is interrupted, this signal will be confirmed. Right now, the momentum favors the bulls based on the current MACD histogram and moving averages.

SHIBUSDT_2022-02-02_16-07-38
Chart by TradingView

bias

The bias on SHIB is neutral. A break above key resistance is needed to reverse the bullish bias.

Short term prediction for SHIB price

SHIB hasn’t seen such a “flat” trend since last year, when the price consolidated for months. If this continues, SHIB might break above the current downtrend over the next few days. It is also possible for SHIB to attempt a break of key resistance at $0.000023 earlier, as indicated by MACD. If this happens, SHIB can quickly rise higher.

SPECIAL OFFER (Sponsored)

Binance Free $100 (Exclusive): Use this link to sign up and receive $100 free and 10% off Binance Futures fees for the first month (terms).

PrimeXBT Special Offer: Use this link to sign up and enter code POTATO50 to get 25% off trading fees.

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

Cryptocurrency charts by TradingView.

Share.

About Author

Comments are closed.