Shiba Inu Price Analysis: SHIB's Recovery Shaky, This is the Support to Look Out For - Daily Bitcoin news

Shiba Inu Price Analysis: SHIB’s Recovery Shaky, This is the Support to Look Out For


Shiba Inu saw a significant bounce, but the price quickly reversed back towards the key support.

Key support level: $0.000010, $0.000008

Key Resistance level: $0.000014, $0.000017

SHIB is found in a range with the key resistance at $0.000014 and support at $0.000010. The price made a good attempt at rallying and managed to reach the middle of the range. However, once there, bears took over and pushed the cryptocurrency back towards the support.

SHIBUSDT_2022-06-02_12-47-39
Chart by Trading View

Technical Indicators

Trading Volume: The trading volume is low right now, signaling considerable uncertainty in the market.

RSI: The daily RSI has finally made a higher high and turned bullish. The buyers must defend the current support level to not lose this momentum.

MACD: The daily MACD is bullish with an expanding histogram. However, this latest price drop reduced the momentum for buyers.

SHIBUSDT_2022-06-02_12-48-02
Chart by TradingView

bias

The bias on SHIB is neutral. A break of the key resistance would change it.

Short-Term Prediction for SHIB Price

SHIB has a chance to reverse here and return to an uptrend if the buyers return. If so, the price will then be able to test the key resistance at $0.000014. If bulls fail and the key support is broken to the downside, then a plunge towards $0.000008 becomes more likely.

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Cryptocurrency charts by TradingView.



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