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Shiba Inu Price Analysis: SHIB Facing Critical Support, Correction or More Bloodbath Ahead?

Key Support level: $0.000030 

Key Resistance level: : $0.000034

SHIB has finally arrived at the $0.000030 support level which has the best chance to reverse the current downtrend. This is because this level was the previous all-time high from October and should act as strong support.

Moreover, the downtrend is forming an ending diagonal wave with converging lines based on Elliot Wave theory (see in blue). A break from this triangle can take the price to the resistance at $0.000034 and may start a significant rally.

Shiba Inu Price Analysis: SHIB Facing Critical Support, Correction or More Bloodbath Ahead?

Chart by TradingView

Technical Indicators

Trading Volume: The volume has remained low during this correction. However, a reversal is likely to bring back buyers quickly looking at the past price action.

RSI: The RSI is making higher lows on the 12-hours timeframe. However, on the daily, this is not yet the case. This suggests SHIB may consolidate above the key support before attempting a rally.

MACD: The daily MACD has not yet made a bullish crossover. But this can take place at any moment should volatility return to SHIB as the MACD moving averages are very close to each other.

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Shiba Inu Price Analysis: SHIB Facing Critical Support, Correction or More Bloodbath Ahead?

Chart by TradingView

Bias

The bias on SHIB is neutral. A break above the key resistance can turn the bias bullish, while a break below will be bearish.

Short-Term Prediction for SHIB Price

SHIB’s correction has been ongoing for almost two full months and the price has dropped by over 60% since the all-time high at $0.000088. For this reason, it is likely that the downtrend may reverse soon and a relief rally could be expected.

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Tags: Shiba Inu (SHIB)

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