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SHIB Faces Huge Resistance That May End Bearish Trend


SHIB has reached a critical resistance level. A break above would mean that SHIB could likely go for a near term price rally after a string of bearish weeks. Key Support Level: $0.000018 Key Resistance Levels: $0.000023, $0.000026 At the time of writing, SHIB is facing the critical resistance of $0.000023 which is the only barrier preventing the price from entering the downtrend leaves which began in November 2021. A successful break of this level would likely push SHIB much higher. In the event of an outage, SHIB has decent support at $0.000018. Chart by TradingView Technical Indicators Trading Volume: Volume spiked on Saturday after another attempt to break the main resistance. The bears stepped up and pushed SHIB back below this critical level, but another attempt seems likely. RSI: The daily RSI is making higher lows and also appears to be performing close to a higher high especially if the price can break through the main resistance. If successful, SHIB can participate in an important rally. MACD: Good positive momentum on the daily MACD with higher highs on the histogram and growing moving averages. As long as this continues, SHIB has an excellent chance of moving much higher. Chart by TradingView Bias The SHIB bias is bullish unless SHIB fails to break through the main resistance in the coming hours or days. SHIB Price Short Term Forecast Given the indicators and the latest price action, a breach of the critical resistance at $0.000023 looks inevitable. This is likely to happen early next week if this momentum continues. The current price action favors the bulls and sellers seem exhausted. 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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