A symmetrical triangle has formed on the 4-hour chart for 
SHIBUSDT . This suggests that the meme coin’s price may break out in the next 24 hours. In the event of a positive breakout, the cryptocurrency may attempt a challenge at the $0.00001055 resistance level. A 4-hour candle close above this significant barrier will then clear a path for SHIB to continue climbing in the following couple of days. Should bulls continue to drive the meme coin’s price, they could elevate it to $0.00001250 in the short term.
On the other, a negative breakout could lead to SHIB falling to the $0.00000925 support level in the following 48 hours. If the sell pressure does not stop at this level, then SHIB could fall to as low as $0.00000847.
Technical indicators suggested that SHIB’s momentum is in the process of shifting in favor of bulls. Both the Moving Average Convergence Divergence (MACD) and the Relative Strength Index (RSI) indicators supported a short–term bullish outlook.
The RSI line on the 4-hour chart was attempting to break above the RSI Simple Moving Average (SMA) line. Should it break above this technical indicator, it may signal that bulls have gained the upper hand against sellers on SHIB’s 4-hour chart. In addition to this, the slope of the MACD line on the 4-hour chart was leveling off. This may be a sign of SHIB’s negative momentum coming to an end.
SHIBUSDT . This suggests that the meme coin’s price may break out in the next 24 hours. In the event of a positive breakout, the cryptocurrency may attempt a challenge at the $0.00001055 resistance level. A 4-hour candle close above this significant barrier will then clear a path for SHIB to continue climbing in the following couple of days. Should bulls continue to drive the meme coin’s price, they could elevate it to $0.00001250 in the short term.On the other, a negative breakout could lead to SHIB falling to the $0.00000925 support level in the following 48 hours. If the sell pressure does not stop at this level, then SHIB could fall to as low as $0.00000847.
Technical indicators suggested that SHIB’s momentum is in the process of shifting in favor of bulls. Both the Moving Average Convergence Divergence (MACD) and the Relative Strength Index (RSI) indicators supported a short–term bullish outlook.
The RSI line on the 4-hour chart was attempting to break above the RSI Simple Moving Average (SMA) line. Should it break above this technical indicator, it may signal that bulls have gained the upper hand against sellers on SHIB’s 4-hour chart. In addition to this, the slope of the MACD line on the 4-hour chart was leveling off. This may be a sign of SHIB’s negative momentum coming to an end.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.