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Volatility has decreased since the crash on May 12th, and the price appears to be staging a significant move soon.
Key Support level: $0.000010
Key Resistance level: $0.000014, $0.000017
SHIB has formed a large pennant (in blue in the chart below) which can break as soon as volatility returns. The current support is found at $0.000010, and the indicators suggest a bullish move might be in the cards soon, where SHIB could test the key resistance at $0.000014.
Chart by TradingView
Technical Indicators
Trading Volume: The volume has been low lately, but this is likely to change as soon as a break from the current formation takes place.
RSI: The daily RSI is making higher lows, and it is about to also make a higher high. If this move intensifies, then the bias for SHIB could flip to bullish.
MACD: The daily MACD is still bearish, but the histogram is bullish. A few days of this price action – and the key resistance may be tested.
Bias
The bias on SHIB is neutral. This can change to bullish if it breaks above the pennant.
Chart by TradingView
Short-Term Prediction for SHIB Price
A test of the key resistance at $0.000014 appears likely, but only if the price manages to break above its current levels on renewed momentum. If successful, SHIB’s next key resistance will be found at $0.000017.
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.