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SHIB tries to go higher, here’s the next level to watch

After a brief pullback, SHIB appears eager to move higher and challenge the next critical resistance at $0.000037. Key Support Level: $0.000029 Key Resistance Levels: $0.000037 SHIB had seen a near-term spike as buyers were impatient after the bearish channel breakout. Today’s bullish engulfing candle indicates that SHIB may continue higher and challenge the main resistance at $0.000037 very soon. On the downside, the key support level is at $0.000029 and tested successfully yesterday. Chart by TradingView Technical Indicators Trading Volume: After an impressive breakout, the volume has dropped dramatically. This also reduced bullish momentum, but SHIB remains bullish in the near term. RSI: The daily RSI looks poised to enter overbought territory. If SHIB moves towards the main resistance, the RSI is likely to hit overbought. It’s best to be careful when that happens. MACD: The daily MACD expanded higher, which is a clear bullish signal. It is important to watch SHIB’s price action develop at the key resistance for signs of weakness. Chart by TradingView Bias The bias on SHIB is bullish. SHIB Price Short Term Forecast A retest of the key resistance at $0.000037 seems imminent given the current price action. However, SHIB may see a sharp relapse after the parabolic run (with no major correction so far). This makes the risk-reward ratio less favorable for bulls at the moment. 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 receive up to $7,000 on your deposits.Disclaimer: Information found 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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