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SHIBA INU PRICE ANALYSIS:- The price again near the resistance, but will it break it this time?

  • The trading volume of the SHIB Token at the time of writing this article is -25.08%
  • The price of SHIB/BTC and SHIB/ETH at the time of writing this article is 0.000000000524 BTC and 0.000000007943 ETH respectively  
  • The price is again at the resistance and RSI is in the overbought zone. 

LONG TERM VIEW:-

The price is near the resistance of $0.00002808 and the RSI is in the overbought zone as the bulls are trying their best to push the price above the resistance level. Let’s look at the technical indicator so that we can see the MACD is showing a green histogram as the MCAD line is above the signal line and there is no sign of the lines to change direction and we can see the trend is bullish if the bulls keep the same pressure. In addition to that we can see RSI is in the overbought zone near 79 and is pointing sideways as the pressure from both sides is almost equal. Lastly we can see that 20MA and 50MA is above the 100MA and the price has taken support on the 20MA a lot of times making it a demand zone.

Tradingview

SHORT TERM VIEW:-

In the 4hr time interval we can see that the price has once again taken the support of the 20MA, which is acting as a support. Looking at the technical indicator we can see the opposite of the Daily charts. Here the MACD is showing a red histogram as the MACD line is below the Signal line and MACD line is coming close to the Signal line, so they might cross soon if the bulls keep up the pressure. On the other hand we can see the RSI is in the neutral zone near the 64 but we can see the RSI line is pointing sideways and can again go to the overbought zone (70) and this will only happen if the bulls keep the pressure up. Lastly we can see the moving average as the 20MA and 50MA is above the 100MA. 

Tradingview

CONCLUSION:-

Looking at both long term and short term we can see that the bulls and bears both are giving their best as the price is near the resistance, the bulls want to push the price up and if not the bear will take the price down. So the trend for now might be bearish as we have seen the indicators, the price will come down a little but then the bulls can again push the price up and make it consolidate. 

RESISTANCE:- $0.000031,$0.000035

SUPPORT:- $0.00002246,$0.00001701