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Shiba Inu Price Analysis: After Days of Consolidation, Is SHIB Breakout Incoming?

After some hard days, SHIB is starting to give clear bullish signals that may emerge in the renewal of a possible price rally.

Key Support level: $0.000018

Key Resistance level: $0.000023

While SHIB continues to consolidate under the key resistance at $0.000023, the MACD has turned bullish. The longer price maintains its current level the higher the chance for a breakout. The support at $0.000018 is unlikely to be retested if this momentum continues.

Chart by TradingView

Technical Indicators

Trading Volume: Volume remains low. However, the buy-side seems to be leading the price action with four green days in the past week.

RSI: The daily RSI left the oversold area and is currently found at 35 points. In order to make a higher high and start an uptrend, the RSI needs to go over 50 points which seems a bit far right now.

MACD: The daily MACD did a bullish crossover three days ago which signals that this consolidation in price may see a breakout to the upside soon. If the key resistance is broken up, then this signal will be confirmed. Right now, the momentum favors the bulls based on the current MACD histogram and moving averages.

Chart by TradingView

Bias

The bias on SHIB is neutral. A break above the key resistance is needed to flip the bias to bullish.

Short-Term Prediction for SHIB Price

SHIB has not seen such a ‘flat’ trend since last year when the price consolidated for months. If this continues, SHIB may break above the current downtrend over the next few days. It is also possible for SHIB to attempt a break of the key resistance at $0.000023 earlier, as indicated by MACD. If that happens, SHIB may quickly move higher.

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Cryptocurrency charts by TradingView.

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