After 250% Monthly Gain, Is SHIB Bull Run in Danger? (Shiba Inu Price Analysis)
The shiba inu has tried to go higher but has failed so far.
Key Support levels: $0.0000025
Key Resistance levels: $0.000037
1. Key Resistance Stops the Rally
After an impressive rise, SHIB price seems to be breaking below the key resistance at $0.000037. Buyers could not move above this level and the price moved sideways.
Chart by TradingView
2. Are Sellers Returning or just a Break?
The bullish momentum is taking a break, but this also opens up the opportunity for sellers to make a comeback. If buyers do not struggle to break the current resistance soon, the bears may be encouraged to push SHIB to the key support at $0.000025.
Chart by TradingView
3. Daily MACD Shows Bearish Signs
The daily MACD histogram is making lower highs. This is an early bearish signal. If the moving averages also turn bearish, SHIB price may test the current support level before buyers bounce back.
Chart by TradingView
Prejudice
SHIB’s bias is neutral.
Short Term Forecast on SHIB Price
Considering the price has tripled in a week, a consolidation right now is a healthy and expected move from Shiba Inu. As long as key support remains at $0.000025, buyers may then attempt to push higher.
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Cryptocurrency charts from TradingView.
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