SHIB’s uptrend remains intact which puts bulls in charge of the price action.
Key Support levels: $0.000014
Key Resistance levels: $0.000020
1. SHIB Eyes the Key Resistance
Buyers have been slowly moving SHIB higher and higher after the sharp pullback in early October. They did not yet reach the key resistance at $0.000020, but this is their current target. While the price was rejected there last time, a second attempt could be interpreted as bullish.
2. Uptrend Holding Steady
The price has been making higher lows since mid-September and formed a clear uptrend. As long as this holds, buyers have the upper hand. Another push and the price can quickly reach the key resistance at $0.000020 next.
3. Daily RSI is Bullish
The daily timeframe RSI has been in a beautiful uptrend since August. In late September, when it reached overbought levels at over 80 points, sellers pushed SHIB into a corrective move. Since then, the RSI has held steady above 50 points, putting it on the bullish side. This supports higher price levels in the future.
For more updates on the ecosystem, make sure to check out our Shibarium news.
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