Shiba Inu Price Analysis: SHIB Staging a Recovery Following a 24% Weekly Crash

source : cryptopotato.com

https://cryptopotato.com/wp-content/uploads/2022/05/SHIBUSDT_2022-05-18_10-22-10.png

Volatility has decreased since the crash on May 12th, and the price appears to be staging a significant move soon.

Key Support level: $0.000010

Key Resistance level: $0.000014, $0.000017

SHIB has formed a large pennant (in blue in the chart below) which can break as soon as volatility returns. The current support is found at $0.000010, and the indicators suggest a bullish move might be in the cards soon, where SHIB could test the key resistance at $0.000014.

SHIBUSDT_2022-05-18_10-22-10
Chart by TradingView

Technical Indicators

Trading Volume: The volume has been low lately, but this is likely to change as soon as a break from the current formation takes place.

RSI: The daily RSI is making higher lows, and it is about to also make a higher high. If this move intensifies, then the bias for SHIB could flip to bullish.

MACD: The daily MACD is still bearish, but the histogram is bullish. A few days of this price action – and the key resistance may be tested.

Bias

The bias on SHIB is neutral. This can change to bullish if it breaks above the pennant.

SHIBUSDT_2022-05-18_10-21-13
Chart by TradingView

Short-Term Prediction for SHIB Price

A test of the key resistance at $0.000014 appears likely, but only if the price manages to break above its current levels on renewed momentum. If successful, SHIB’s next key resistance will be found at $0.000017.

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Cryptocurrency charts by TradingView.


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