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Is SHIB Breakout Coming In After Days Of Consolidation?

After several rough days, SHIB is starting to send clear bullish signals that could arise in the renewal of a potential price rally. Key Support Level: $0.000018 Key Resistance Level: $0.000023 As SHIB continues to consolidate below the key resistance of $0.000023, the MACD has turned bullish. The longer the price stays at the current level, the greater the chance of a breakout. The $0.000018 support is unlikely to be tested again if this momentum continues. Chart by TradingView Technical Indicators Trading Volume: Volume remains low. However, the buy side appears to be leading the price action with four green days in the past week. RSI: The daily RSI exited oversold territory and is currently at 35 points. To make a higher high and start an uptrend, the RSI needs to cross over 50 points, which seems a bit far at this point. MACD: The daily MACD did a bullish crossover three days ago, indicating that this consolidation in price may see a breakout soon. If the key resistance is broken, this signal is acknowledged. Right now the momentum is in favor of the bulls based on the current MACD histogram and moving averages. Chart by TradingView Bias The bias on SHIB is neutral. A break above the key resistance is needed to turn the bias into bullish. SHIB Price Short Term Forecast SHIB has not seen such a ‘flat’ trend since last year when the price consolidated for months. If this continues, the SHIB could rise above the current downtrend in the coming days. It is also possible for SHIB to try to break the key resistance earlier at $0.000023 as indicated by MACD. When that happens, SHIB can move higher quickly. SPECIAL OFFER (Sponsored) Binance Free $100 (Exclusive): Use this link to register and get $100 Free and 10% Off Fees on Binance Futures First Month (Terms and Conditions). PrimeXBT Special Offer: Use this link to register and enter POTATO50 code to get 25% off trading fees. Disclaimer: Information on CryptoPotato is that of quoted writers. It does not represent CryptoPotato’s views on buying, selling or holding any investments. You are advised to do your own research before making any investment decisions. Use information provided at your own risk. See Disclaimer for more information. Cryptocurrency Charts by TradingView.
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