Shiba Inu made an impressive recovery this week, but can it break the key resistance?
Key Support levels: $0.0000095
Key Resistance levels: $0.000010
1. Reversal in Progress
After a difficult start in 2024, SHIB has finally returned on the uptrend, with buyers keen to get exposure. The price is rallying and is quickly approaching the key resistance at $0.000010. The current support is at $0.0000095.
2. Momentum Shifts Bullish
The RSI on the daily timeframe has moved above 50 points, putting an end to the downtrend. This change in the price action is also supported by an increased buy volume.
3. Bullish Cross on MACD Soon?
This week’s price action has made the daily MACD histogram make higher lows, and now a bullish cross appears imminent if bulls maintain the pressure. The only obstacle remains the key resistance.
Bias
The bias for SHIB is bullish.
Short-Term Prediction for SHIB Price
Watch the key resistance at $0.000010. If broken, SHIB could enter a sustain rally with new highs in January.
Binance Free $100 (Exclusive): Use this link to register and receive $100 free and 10% off fees on Binance Futures first month (terms).
Disclaimer: Information found on CryptoPotato is those of writers quoted. It does not represent the opinions of CryptoPotato on whether to buy, sell, or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk. See Disclaimer for more information.
Cryptocurrency charts by TradingView.