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Vikram
Aug 30, 2022
by Vikram

SHIB Technical Analysis: Increasing SHIB Value Lures Buyers Or Victims?

SHIB technical analysis

Table of contents

  1. SHIB Technical Analysis
  2. Technical Indicators
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.

    • SHIB/USD Price Chart

    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

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    Vikram
    Vikram is a technical analyst with several years of experience in the crypto market & Indian Equity and F&O Segment. He loves to learn anything and everything related to finance. He possesses strong technical and analytical skills, which he leverages to acquaint our audience with upcoming price trends for different coins.