Key assistance level: $ 0.000035; $ 0.000032;
Key Resistance Level:: $ 0.000039; $ 0.000044;
SHIB’s latest price drop found support at the $ 0.000035 level, and price appears to be approaching the end of that bullish falling wedge highlighted in blue on the chart. The big question is whether SHIB can escape and rally to end the correction.
A first signal that this could happen is that SHIB will manage to turn the resistance of $ 0.000039 into support. If this happens, there is a good chance that the SHIB will reverse.
Trade volume: The volume has decreased with the price. It is a bullish indicator. Additionally, the last attempt to break out of the corner met with a rapid increase in volume, showing that interest in SHIB remains high once a rally begins.
RSI: The RSI remains bearish and over the 12 hour period it has almost fallen below 30 points. This is not good, but if the RSI manages to reach a lower high, then a recovery becomes likely.
MACD: The 12 hour MACD continues to be bearish, but the histogram is very close to crossing on the positive side. If this is confirmed, it would be the first time this has happened since early November.
The bias on SHIB is bearish until a breakout above the blue corner occurs.
Short-term prediction for the SHIB price
SHIB price may continue to consolidate at the top of this formation for a few days before a breakout can be attempted. The MACD histogram and lower volume on this latest drop suggest a possible rally going forward, but it is too early now to confirm that.
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