- The RSI line shows significant bearish divergence concerning the SHIB token’s price
- The SHIB/BTC pair is trading at 0.000000000632 BTC with a gain of 37.73%
- The 24-hr trading volume in the SHIB token is $5.62Billion, indicating a 520.6% hike
As mentioned in my previous article on Shiba Inu, the token price bounced from the $0.00002454 support with a morning star pattern, indicating the end of its minor retracement phase.
Thus, the token started to rally again, and in doing so, it also completed the handle portion of the Cup and handle pattern of the daily time frame chart. Furthermore, the SHIB price finally offered a strong breakout from the $0.0000355 neckline of this pattern. However, the crypto trade should at least wait for a daily candle closing above the broken resistance.
Concerning the EMA’s, the SHIB token price is trading above the crucial EMA’s 20, 50, and 100, indicating an uptrend in this token.
The Relative Strength Index (RSI) value is at 77, indicating a bullish sentiment in the SHIB token. However, the RSI line displays bearish divergence in its chart, suggesting weakness in this bully rally.
SHIB Token Price Could Give A Retest To The $0.0000355 Level
In the 4hr time frame chart, the SHIB token has provided a candle closing above the $0.0000355 mark. However, the price is yet to retest this broken resistance for proper support. If the price obtains sufficient support from this level, the SHIB traders will get a good entry opportunity.
According to the traditional pivot levels, the next horizontal level for SHIB price is at $0.0000407, followed by the $0.0000451 mark. In case the retest of the $0.000035 support fails, the next significant support for the price will be at $0.0000313
Conclusion: From the technical perspective, the overall trend of the SHIB token is bullish. However, the bearish divergence in the RSI chart cannot be overlooked, and thus the crypto traders should confirm the sustainability of price above $0.0000355 before entering a long trade.
Support– $0.000035
Resistance– $0.0000407