skip to Main Content
bitcoin
Bitcoin (BTC) $ 76,850.59 2.17%
ethereum
Ethereum (ETH) $ 1,467.79 5.98%
tether
Tether (USDT) $ 0.999164 0.06%
xrp
XRP (XRP) $ 1.83 4.76%
bnb
BNB (BNB) $ 553.13 0.59%
usd-coin
USDC (USDC) $ 1.00 0.00%
solana
Solana (SOL) $ 104.40 2.15%
tron
TRON (TRX) $ 0.230963 1.04%
dogecoin
Dogecoin (DOGE) $ 0.143152 3.90%
cardano
Cardano (ADA) $ 0.563285 3.50%

SHIB Breaking Out Huge Resistance, Here is The Next Target

Key Support level: $0.000023

Key Resistance levels: $0.000030

As indicated yesterday, SHIB closed in on the key resistance at $0.000023, which has now been firmly broken and turned into support. Once the price moved above this key level, the volume exploded, and the cryptocurrency rallied towards $0.000030, which is now acting as new resistance.

This breakout ends the downtrend, which has lasted since November 2021. The big question now is if SHIB can make a higher high or move beyond $0.000032.

SHIBUSDT_2022-02-07_15-22-21
Chart by TradingView

Technical Indicators

Trading Volume: The volume increased dramatically yesterday after the price broke above $0.000023. This hasn’t been seen since the crash in January.

RSI: The daily RSI has made a higher high and went from 30 points to 60 points in less than a week. This may mean a pullback is likely in the future due to profit-taking.

MACD: The daily MACD is bullish and moving higher at a fast pace. This latest increase in price only reconfirms the bullish bias. SHIB can continue up for quite a while based on the MACD, and this latest move appears like a significant reversal in the previous trend.

SHIBUSDT_2022-02-07_15-22-55
Chart by TradingView

Bias

The bias on SHIB is bullish. This latest breakout confirms a trend reversal.

Short-Term Prediction for SHIB Price

While SHIB may now consolidate just under the key resistance at $0.000030, the price has broken away from the downtrend, and this is a significant change in the market. If SHIB manages to make a higher high, then a sustained rally can be expected, depending on overall conditions.

Loading data ...
Comparison
View chart compare
View table compare
Back To Top