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SHIB is Facing Huge Resistance that Can End the Bearish Trend

0

SHIB has reached a critical resistance level. A break above would mean that SHIB could likely go for a short-term price rally following a series of bearish weeks.

Key Support level: $0.000018

Key Resistance levels: $0.000023, $0.000026

At the time of this writing, SHIB is facing the critical resistance of $0.000023, which is the only barrier preventing the price from exiting the downtrend that started back in November 2021.

A successful break of this level would likely propel SHIB much higher. In case of a failure, SHIB has decent support at $0.000018.

SHIBUSDT_2022-02-06_13-41-00
Chart by TradingView

Technical Indicators

Trading Volume: Volume spiked on Saturday following another attempt to break the key resistance. The bears stepped up and pushed SHIB back under this critical level, but a new attempt appears likely.

RSI: The daily RSI is making higher lows and also seems close to performing a higher high, particularly if the price can break the key resistance. If successful, SHIB may enter a significant rally.

MACD: Good positive momentum on the daily MACD with higher-highs on the histogram and expanding moving averages. As long as this persists, SHIB has an excellent chance to move much higher.

SHIBUSDT_2022-02-06_13-40-30
Chart by TradingView

Bias

The bias on SHIB is bullish unless SHIB fails to break the key resistance over the next hours or days.

Short-Term Prediction for SHIB Price

Considering the indicators and latest price action, a break of the critical resistance at $0.000023 seems inevitable. This is likely to take place early next week if this momentum maintains. The current price action favors the bulls, and sellers appear exhausted.

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Cryptocurrency charts by TradingView.

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