SHIB Facing Critical Resistance but Will it Explode? Three Things to Watch During the Weekend (Shiba Inu Price Analysis)

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Shiba Inu made an impressive recovery this week, but can it break the key resistance?

Key Support levels: $0.0000095

Key Resistance levels: $0.000010

1. Reversal in Progress

After a difficult start in 2024, SHIB has finally returned on the uptrend, with buyers keen to get exposure. The price is rallying and is quickly approaching the key resistance at $0.000010. The current support is at $0.0000095.

Chart by TradingView

2. Momentum Shifts Bullish

The RSI on the daily timeframe has moved above 50 points, putting an end to the downtrend. This change in the price action is also supported by an increased buy volume.

SHIBUSDT_2024-01-12_14-05-16
Chart by TradingView

3. Bullish Cross on MACD Soon?

This week’s price action has made the daily MACD histogram make higher lows, and now a bullish cross appears imminent if bulls maintain the pressure. The only obstacle remains the key resistance.

SHIBUSDT_2024-01-12_14-04-58
Chart by TradingView

Bias

The bias for SHIB is bullish.

 

Short-Term Prediction for SHIB Price

Watch the key resistance at $0.000010. If broken, SHIB could enter a sustain rally with new highs in January.

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Cryptocurrency charts by TradingView.

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