May 18, 2022

Shiba Inu Price Analysis: Following Another 20% Daily Surge, What’s SHIB’s Next Target?

2 min read

Key Support level: $0.000042

Secret Resistance level: $0.000062

The Shiba Inu (SHIB) rally continues with another impressive push of over 20% today.

SHIB has actually defied all expectations and has doubled yet once again in about a week’s time. This shows that the appeal of meme coins exceeds numerous basic arguments in the altcoin market. The Shiba Inu chart is clear, cost is increasing in a parabolic style with possible resistance at the next Fibonacci level as shown by the chart. On the other hand, the area around $0.000042 appears to be a great candidate for support.

Whenever coins remain in a parabolic move, the support and resistance lines can change very rapidly, especially when coins like SHIB remain in cost discovery. Market forces need to find a brand-new balance to specify the assistance and resistance levels which can take a number of efforts, suggesting that high volatility is to be anticipated.

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Chart by TradingView Technical Indicators of SHIB Price Trading Volume: Volume exploded on this rally, today appears to fade. For this reason, it’s essential to keep a close eye on the parabolic trendline, as when broken, Shiba might go into a correction. RSI: The RSI is in the overbought area and continues to increase.

Thisshows bulls have complete control of the market. MACD: MACD is really bullish, nevertheless, it is very important to expect any sign of weak point on the 4-hour timeframe. The histogram is making lower highs on this timeframe. If the cost breaks below the parabolic trendline, then a pullback may happen.

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Chart by TradingView Bias

Bullish. This bias ought to be revisited just if Shiba breaks listed below the support at $0.000042.

Short-Term Price Prediction for SHIB Price

The break from the coming down triangle has released a significant rally. There are some early signs that bulls might need a break before resuming the push higher (see volume). Nevertheless, the present parabolic trendline has to be up to validate this possibility. Till then there is extremely little holding Shiba back from accomplishing greater levels. A sensible target at this time appears at $0.000062.