A minor pullback from the $0.000028 resistance tumbled the Shiba Inu(SHIB) price by 10%, hitting the $0.000025 mark. However, the buyers defended this flipped support and rebounded the price with a morning star candle. The SHIB price approaching the overhead resistance($0.000028) could provide a breakout opportunity.
Key points:
- SHIB price shows sustainability above the 200-day EMA
- The daily-RSI indicators surpass their previous swing high
- The intraday trading volume in the Shiba Inu coin is $1.2 Billion, indicating an 18.5% drop.
Source- Tradingview
The SHIB/USDT pair showcased recovery signs from the second half of March as memecoin breached the $0.0000228 resistance. The post-retest rally accelerated the bullish momentum and pumped the altcoin 23.3% high to $0.000028.
The buyers made several attempts to pierce this resistance, but the aggressive sellers forced every candle to close below the $0.000028 mark, resulting in a bearish reversal. However, the sellers couldn’t pressurize the buyers for long as the combined support of $0.000025 and a cluster of EMAs(20, 50, 100, and 200) rebounded the altcoin with a morning star candle.
Today, the NEAR price is up by 4.2% and gradually approaches the overhead resistance. A bullish breakout and closing above the $0.000028 level would indicate the traders are buying on dips, providing the next target 15.5% high at $0.0000327.
Alternatively, if the sellers maintain a stiff resistance at $0.000028 resistance, a possible reversal could violate the $0.000025 support this time.
Technical indicator
Concerning the previous swing high of $0.000028, the relative strength index(66) slope has surged higher into the bullish territory, suggesting an increase in buyer strength.
The bullish recovery has overcome a cluster of EMAs(20, 50, 100, and 200) at the $0.000025 mark. These EMAs lines reverted the recent pullback, indicating the prior resistance is flipped to support.
- Resistance levels- $0.000028, and $0.000033
- Support levels are $0.0000253 and $0.00002288
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/shib-price-analysis-technical-indicators-hints-the-shib-price-could-overcome-0-000028/