SHIB Rallies 10% After Finding Support, Here’s the Next Target


Key Support level: $0.000028

Key Resistance levels: $0.000034

In our last analysis, the big question was if SHIB can hold at the $0.000028 key support. The answer was yes, and the cryptocurrency has since rallied higher, gaining over 10%. If this continues, then SHIB may very well reach the key resistance at $0.000034.

Chart by TradingView

Technical Indicators

Trading Volume: The volume continues to go down, despite the current price action. This is a bit concerning as it puts the strength of the rally in question.

RSI: The daily RSI is moving up again, sitting at 60 points after making a higher low. This confirms the bullish price action.

MACD: The daily MACD is positive and will likely remain so for the rest of the week as long as the price does not break below the key support.

SHIBUSDT_2022-02-15_13-16-33
Chart by TradingView

Bias

The bias on SHIB is bullish.

Short-Term Prediction for SHIB Price

SHIB has a good chance to reach the key resistance at $0.000034. Buyers are still interested in SHIB, but the volume remains weak. This may prompt sellers to counter this price action and put up some resistance before bulls manage to take SHIB to the key support.

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Cryptocurrency charts by TradingView.



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