- The RSI value has entered into the overbought zone
- The SHIB/BTC pair was trading at 0.000000000439 BTC with a gain of 29.3%
- The 24 hr trading volume in SHIB is $14.6 Billion
As mentioned in my previous article on SHIBA, the token price showed an incredible rally in its chart and gave almost 400% return in just a week. However, yesterday, the price was rejected from the ATH of $0.000035 mark and displayed a long higher price rejection red candle. Anyhow, the token price is still holding above the $0.0000206 support, and this whole picture indicates the formation of a Cup and Handle pattern.
Concerning the EMA’s, the SHIB token price is trading high above the crucial EMA’s 20,50 and 100 EMA, indicating a strong bullish trend in this token.
The RSI (BULLISH) value is 77, indicating a strong bullish sentiment in this token. Moreover, the RSI has shown a reasonable decline for the recent price rejection.
SHIB Token Price Bounced From The 0.5 FIB Level
After rejecting from the $0.000035 mark, the SHIB token price showed a minor retracement in its price with a V-top pattern. This short pullback plunged to the 0.5 FIB and has obtained strong support from it. The token price is now trying to bounce back from this level as it has attempted to break out from the nearest resistance of $0.000024. The current price of the SHIB token is $0.0000248, with an intraday gain of 8.38%.
The Super trend indicator suggests the uptrend for this token is still intact as the price has reversed from its line.
Conclusion: From the technical perspective, the overall trend of the SHIB token is still strongly bullish. And as mentioned above, the token price suggests the continuation of its rally, with the price bounced from the significant FIB level of 0.5 and forming a handle portion for the bullish pattern. Thus, it’s a hold signal for the long traders, at least till it doesn’t break the bottom support,
Support– $0.000024
Resistance– $0.00002773