Shiba Inu Price Analysis: SHIB Surges 20% Following the Test of Important Support, What’s Next?

Key Support level: $0.000027

Key Resistance level: $0.000034

SHIB had a great week, seemingly ending its recent downturn after finding support at $0.000027 and rallying more than 20% since. The question is if SHIB can turn the downtrend line into support as it explores higher levels. For that to happen, SHIB needs to avoid a decline under $0.000030 and slowly move towards the next key resistance at $0.000034.

Chart by TradingView

Technical Indicators

Trading Volume: The volume increased on this move up but pales in comparison to the past. SHIB still needs to move higher to bring confidence behind this latest move.

RSI: The daily RSI curved back up after nearly hitting the oversold area and is now on the way to make a higher high. If that is confirmed later on, then SHIB might have further gains in sight.

MACD: The daily MACD turned bullish today after a successful crossover. This is good news for the buyers.

Chart by TradingView

Bias

The bias on SHIB is tentatively bullish but it is crucial for this momentum to be sustained.

Short-Term Prediction for SHIB Price

SHIB has a real opportunity to break away from the downtrend and reverse the price action in the bulls’ favor. The price sits at the margins of the downtrend, and another successful push higher appears likely.