Shiba Inu Price Analysis: Following the Robinhood News, Here’s The Next Target for SHIB

Key Support level: $0.000023

Key Resistance levels: $0.000028

SHIB went through a massive spike once the news of it being listed on Robinhood broke out. Despite the 35% surge, the cryptocurrency quickly returned under the key resistance at $0.000028, failing to convert this news into a sustained rally. The support at $0.000023 continues to hold since March.

Chart by TradingView

Technical Indicators

Trading Volume: The volume exploded last Tuesday as the news broke out but could not be sustained. The initial hype faded, and now the price is back to its usual levels.

RSI: The daily RSI continues to hover around its mid-level point at 50. This indicates a flat trend without much direction, despite a sharp attempt by buyers to take Shiba higher.

MACD: The daily MACD did a bullish cross during the news about Robinhood, but that seems to have been a misleading signal as now the moving averages appear close to flipping bearish again.

Chart by TradingView

Bias

The bias on SHIB is neutral.

Short-Term Prediction for SHIB Price

Even if SHIB has been listed on Robinhood, sustained demand is simply not there yet, and holders have to be prepared for more sideways price action. The current trend is neutral, and SHIB’s price can take in either direction from here.