SHIB price extends the previous session’s gains. The descending trend line from the highs of $0.000035 acted as a strong resistance barrier for the bulls. A decisive break of the bearish slopping line will set the base for the next leg up in SHIB price.
- SHIB price trades higher with modest gains on Wednesday.
- A daily close above $0.000027 would make the bull’s journey easy toward $0.000035.
- The price hovers near a one-month high before the next directional bias.
SHIB price trades near resistance level
Source: Trading View
On the daily chart, the SHIB price makes impressive gains from the lows of $0.000021. For the first time since February 17, SHIB pierced above the 50-day EMA (Exponential Moving Average) at $0.00024 on March 27. Further, the price completed a ‘Rounded’ bottom formation, which is a bullish reversal pattern. However, the bulls now face a strong resistance near the $0.27 horizontal level.
A sustained buying pressure will push the price into a higher trajectory toward the psychological $0.000030 level.
An extended buying momentum will bring $0.000035 into play. The levels were last seen in February.
On the other hand, the price formed an ‘Umbrella Doji’ candlestick, if followed by a red candlestick will heighten the possibility of the price reversal. A spike in sell order would drag the price toward the 50-day EMA (Exponential Moving Average) at $0.000024.
As of publication time, SHIB/USD is trading at $0.000027, up 1.61% for the day. The 24-hour trading volume is standing at $1,448,527,460 as per the CoinMarketCap.
RSI: The daily Relative Strength Index reads at 65 heading toward the overbought zone.
MACD: The Moving Average Convergence Divergence holds above the midline with a bullish bias.
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