Shiba’s price appears to be in a reversal, which could end with a sustained rally.

Key Support levels: $0.0000067

Key Resistance levels: $0.0000075

1. Support Found

Buyers have successfully defended SHIB at $0.0000067, which is a key support level. This allowed the price to make a quick reversal as the crypto market turned green. The biggest obstacle to a possible rally is the resistance at $0.0000075.

SHIBUSDT_2023-10-23_15-43-44
Chart by TradingView

2. Momentum Turning Bullish

The momentum indicators, such as the RSI and MACD, are both turning positive with a clear bullish cross on the three-day MACD. This is significant and may signal a major change in the price action.

SHIBUSDT_2023-10-23_15-45-16
Chart by TradingView

3. Volume Remains Low

While optimism is returning to the market, the volume on SHIB remains low. However, this could quickly change if the price manages to break above the key resistance.

SHIBUSDT_2023-10-23_15-44-24
Chart by TradingView

Bias

The bias for SHIB is bullish.

Short-Term Prediction for SHIB Price

With buyers on the offensive, the next key level to watch is at $0.0000075. If this breaks, then Shiba Inu could enter a sustained rally that could see the price move higher in a short time.

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Cryptocurrency charts by TradingView.

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