Thursday, October 6

Shiba Inu Price Analysis: SHIB At a Critical Decision Point Following 10% Daily Surge


Key Support level: $0.000030

Key Resistance level: : $0.000034

After SHIB arrived at the $0.000030 support level, the price action intensified, and the cryptocurrency made a quick dash above the descending wedge (in blue) in a clear bullish move which we anticipated in the last SHIB analysis. Now, the price sits just under the key resistance at $0.000034. The next move from SHIB will be decisive.

Chart by TradingView

Technical Indicators

Trading Volume: Volume exploded on this move higher but quickly faded as SHIB approached the resistance level. Now it’s at an important decisive moment that will determine its trajectory for the near-term future.

RSI: The RSI is curving back up on a daily timeframe. A break of the key resistance will likely lead to a rally if the bulls manage to do so, of course.

MACD: After a month and a half, the daily MACD has finally made a bullish crossover. This is excellent news for buyers. If SHIB can sustain this positive momentum, then the price will surely reflect it.

Chart by TradingView

Bias

The bias on SHIB is turning bullish. However, the price has to break the key resistance at $0.000034 to confirm this.

Short-Term Prediction for SHIB Price

SHIB has a real chance to rally higher after touching the $0.000030 support level. The biggest challenge for the cryptocurrency right now is if it can move past the key resistance at $0.000034.

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Cryptocurrency charts by TradingView.



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