Shiba Inu Price Analysis: SHIB Skyrockets 35% in a Day as Bulls Regain Control

Key Support level: $0.000048; $0.000044

Key Resistance level: : $0.000055; $0.000062

Two days ago, we hinted that SHIB might be preparing for a bull run. Yesterday, this was confirmed when the cryptocurrency broke above the descending wedge (in blue, this is a bullish formation). With this breakout, the buyers flooded into SHIB, and volume spiked, taking the price all the way to $0.000054 at the time of this post. This is a 35% price increase in the span of a day.

The key support can be found at $0.000044 and the next resistance at $0.000055. Considering the momentum behind SHIB, the price can quickly move past existing levels in its search for a new valuation.

Chart by TradingView

Technical Indicators

Trading Volume: The volume exploded after the break above the wedge. Buyers were so keen to enter into SHIB that pullbacks were too shallow to offer any good entries for latecomers. This level of FOMO quickly moved the price up.

RSI: The 4-hour RSI quickly entered the overbought territory after the breakout. On a daily timeframe, there is plenty of room left for the RSI to go higher, indicating that this bull run might be far from over.

MACD: The MACD on the 12-hours chart completed a bullish cross, and on the daily chart, it is at most one day away from happening. This turns the bias bullish on SHIB. So long as the MACD stays positive, the future is looking bright.

Chart by TradingView

Bias

The bias on SHIB is bullish, and there might be further upside coming in the future.

Short-Term Prediction for SHIB Price

SHIB’s price is currently just below the key resistance at $0.000055. If the current momentum sustains, it seems unlikely that this level can keep the price below it for long, particularly if the volume continues to increase. Therefore, the most likely scenario is for the bulls to continue the rally before a more significant pullback will occur.

Publication date: 
11/30/2021 - 13:55
Author: 
Disclaimer

The views and opinions expressed in this article are solely those of the authors and do not reflect the views of Bitcoin Insider. Every investment and trading move involves risk - this is especially true for cryptocurrencies given their volatility. We strongly advise our readers to conduct their own research when making a decision.