Key Support level: $0.000042
Key resistance level: $0.000062
With an impressive increase of more than 20%, the Shiba Inu rally (SHIB), continues today.
SHIB has exceeded all expectations, and has now doubled in just a week. This proves that meme coins are more popular than many of the fundamental arguments in altcoin markets. The Shiba Inu chart shows that price is rising in a parabolic fashion, with resistance at the next Fibonacci level. The area around $0.000042 seems to be a good candidate as support.
When coins move in a parabolic fashion, support and resistance lines can shift very quickly, especially when coins such as SHIB are price discovery. It can take market forces several attempts to establish a new equilibrium to determine the support and resistance levels. This means that volatility is to be expected.
Chart by TradingView
Technical Indicators for SHIB Price
Trading Volume: Volume surged during this rally but is now showing signs of fading. It is important to watch the parabolic trendline closely, as once it has broken, Shiba could be entering a correction.
RSI: The RSI has reached the overbought zone and is continuing to rise. This indicates that bulls are in complete control of the market.
MACD: MACD is bullish. However, it’s important that you watch out for signs of weakness in the 4-hour timeframe. This timeframe has lower highs for the histogram. A pullback could occur if the price falls below the parabolic trendline.
Chart by TradingView
Bullish. This bias should only be reexamined if Shiba falls below the support level at $0.000042
Short-Term Prediction of SHIB Price
A significant rally has been triggered by the break from the descending triangle. Some early indicators suggest that bulls might need to take a break before they can resume their push higher (see volume). To confirm this possibility, however, the parabolic trendline must fall. There is nothing that will stop Shiba from reaching higher levels until then. At this point, $0.000062 seems like a reasonable goal.
Marla Brooks – Financial Analysis
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