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According to the technical analysis, SHIB prices show a bullish reversal from the $0.000011 mark that may shortly overcome the supply zone at the $0.000013 mark. The post-retest reversal in the SHIB prices failed after facing opposition at the $0.000014 resistance level resulting in a bearish turnaround. The correction face breaks below the 50-day SMA before taking support at the $0.000011 support level to reclaim the bullish trend. So, should you consider entering the reversal rally?
Key Points:
- The SHIB price action retests the broken $0.000013 supply zone in the daily chart.
- The RSI slope shows a reversal ready to cross above the halfway line.
- With a market cap of $6.95 billion, the intraday trading volume of Shiba Inu has increased by 13% to reach $397 million.
Source - Tradingview
SHIB Technical Analysis
The SHIB prices maintain a lower high formation in the daily chart resulting in the fall out of the 50-day SMA. However, the recent bullish reversal retests the broken SMA and supply zone at the $0.000013 mark. Moreover, the increasing trading volumes supporting the bullish engulfing candle of 5.67% yesterday increase the possibility of a prolonged uptrend. Nonetheless, the sideline buyers must wait for the price action confirmation by a daily candle closing above the supply zone before taking a bullish trade. If coin prices sustain the breakdown of the $0.0000125 support zone, the post-retest fall may tumble by 20% to reach the $0.000010 psychological support. Conversely, if the buyers push the coin price above the $0.0000125 mark, the fake breakdown scenario will accelerate the bullish momentum and surge prices to $0.00001461.
Technical Indicators
The daily-RSI slope rose to neutral, indicating the market sentiment is improving. The MACD indicator shows the downsloping fast and slow lines escaping a breakdown from the neutral zone, suggesting the buyers hold the upper hand. Hence, the technical indicators maintain a positive outlook for the upcoming trend in SHIB prices. Resistance Levels: $0.000013 and $0.000015 Support Levels: $0.000012 and $0.00001