SHIB price extends the previous session’s gains. The descending trend line from the highs of $0.000035 acted as a strong resistance barrier for the bulls. A decisive break of the bearish slopping line will set the base for the next leg up in SHIB price.
- SHIB price trades higher with modest gains on Wednesday.
- A daily close above $0.000027 would make the bull’s journey easy toward $0.000035.
- The price hovers near a one-month high before the next directional bias.
SHIB price trades near resistance level
On the daily chart, the SHIB price makes impressive gains from the lows of $0.000021. For the first time since February 17, SHIB pierced above the 50-day EMA (Exponential Moving Average) at $0.00024 on March 27. Further, the price completed a ‘Rounded’ bottom formation, which is a bullish reversal pattern. However, the bulls now face a strong resistance near the $0.27 horizontal level.
A sustained buying pressure will push the price into a higher trajectory toward the psychological $0.000030 level.
An extended buying momentum will bring $0.000035 into play. The levels were last seen in February.
On the other hand, the price formed an ‘Umbrella Doji’ candlestick, if followed by a red candlestick will heighten the possibility of the price reversal. A spike in sell order would drag the price toward the 50-day EMA (Exponential Moving Average) at $0.000024.
As of publication time, SHIB/USD is trading at $0.000027, up 1.61% for the day. The 24-hour trading volume is standing at $1,448,527,460 as per the CoinMarketCap.
Technical indicators:
RSI: The daily Relative Strength Index reads at 65 heading toward the overbought zone.
MACD: The Moving Average Convergence Divergence holds above the midline with a bullish bias.
Disclaimer
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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Source: https://coingape.com/markets/shiba-inu-price-prediction-a-daily-close-above-0-000027-aims-0-000035-next/