Shiba Inu: SHIB Skyrockets 20%, will this be All-Time High ever ?
Shiba Inu (SHIB) gained more than 20% in less than four hours today and is now within 11% of its all-time high established on May 10, 2021.
The key support level is $0.000032.
The key resistance level is $0.000035.
SHIB broke above a descending triangle formation yesterday, as shown in the chart below. It was initially denied at the $0.00003 resistance level. SHIB, on the other hand, managed to break above and immediately rocket towards the all-time high of $0.000035 following a short retreat.
According to CoinGecko, this is around 10-12 percent off the current daily high as of writing these lines. If this resistance is broken, SHIB will enter the price discovery zone.
Currently, the bulls and bears are duelling just behind this considerable barrier. It’s questionable whether SHIB has the stamina to push higher at this point. Following the 20% daily gain, Shiba Inu is likely to see some stability before attempting to breach the ATH.
Technical Indicators Trading Volume: The volume skyrocketed after the $0.00003 resistance level was breached. This demonstrates that the bulls have regained control of the price action. The question is whether they can keep it up in the next days.
RSI: The RSI is in the overbought zone and has nearly surpassed the 80 mark on the 4-hour timeframe. A pullback to cool things down is likely in the near future.
MACD: On lesser timeframes, such as 4-hours, the histogram is firmly entrenched on the positive side. On the daily period, SHIB has not yet crossed to the positive side, indicating that SHIB must continue to rise before turning bullish in the longer term.
Bias
The most recent move has shifted the short-term bias bullish. However, additional positive price action is required to establish confidence in the current bullish price action in the long term. A harsh rejection near the all-time high resistance would end current green momentum and likely result in a quick fall to lower support near $0.000032 and $0.00003.
SHIB Price Prediction in the Short Term
While there are several reasons to be bullish on SHIB right now, a break of the all-time high would be required to confirm that SHIB can sustain its present gains and continue to rise.
Until this occurs, it is advised to be cautious when the price is close to the all-time high resistance, as any rejection might send the price back to $0.000032 or lower. Remember that a violent rapid move frequently results in a violent move in the opposite direction.
