Shiba coin (SHIB) has doubled its price recently. The current ATH is now $0.00008854. Shibas break from the previous resistance sent a huge rally that shattered the previous all-time high, and SHIB appears poised for more!The most apparent resistance is now at $0.0001.
Shiba might need another 0 to reach 1 cent, which is what most fans want. The support was previously tested at $0.000060, which was successful today.
Its trading volume is high, and it has been able to keep the price at incredibly elevated levels. The Shiba craze continues to be strong, and the volume reflects this. However, overcoming the resistance at $0.0001 will be difficult.
Looking at the RSI; it appears to be in a strong bullish trend, which is an indication of an impending reversal when the RSI rises above 90 points. Shiba’s daily RSI is presently over 90, so take precautions. This latest daily candle also resembles a spinning top, which may be considered as a reversal signal.
On the daily chart, the MACD is extremely optimistic. SHIBA, on the other hand, has lower highs on the 4-hour MACD histogram in areas where bottlenecks typically appear sooner. It may consolidate at these levels before attempting to reach $0.0001 by forming a pennant.
The strong euphoria for SHIBA is rather unusual. This commonly indicates that a top is imminent. Shiba, on the other hand, might continue to rise before a reversal occurs.
SHIB price prediction for short-term
The $0.0001 level is the primary focus for everyone’s attention. Is Shiba capable of breaching this barrier? If so, it could go on to another strong rally before any reversal is triggered. Many bulls may see $0.0001 as a potential profit-taking target owing to its role as a psychological barrier in the Shiba community. This might result in a severe decline towards support and a sharp rejection from resistance.
Key support level: $0.000060
Key resistance level: $0.0001