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Key Support level: $0.000030
Key Resistance level: : $0.000038
SHIB was rejected by the $0.000038 resistance and pushed lower following the market’s downturn that started on Tuesday. The current support is found at $0.000030 and could be retested if the overall market remains bearish.
Technical Indicators
Trading Volume: The volume has been low despite the current correction. This gives hope that SHIB can quickly reverse course once buyers return.
RSI: The RSI on the daily has stopped falling at the time of this post and if the price manages to do the same then this could be interpreted as a higher low, which is bullish.
MACD: The daily MACD remains bullish. If SHIB can reverse course from this point onwards there is a good chance it can move higher and break the current resistance level.
Bias
The bias on SHIB is neutral. The cryptocurrency appears to be stuck in a flat trend at the time of this post.
Short-Term Prediction for SHIB Price
If SHIB is successful in breaking above the current resistance at $0.000038, then the bias can change to bullish. Until then, the price will remain in a range between support and resistance as it moves sideways.
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.