SHIB: Resistance Breakout

Shiba Inu (SHIB) technical analysis:

Trade setup: Following a bullish breakout from Falling Wedge pattern, price has now finally also broken above $0.0000080 resistance and 200-day moving average, which confirms a bullish trend reversal to an Uptrend. Price has pulled back and is retesting that breakout level. This could be a swing entry opportunity in Uptrend with upside potential to $0.00001 next.

Trend: Uptrend on Short- and Medium-Term basis and Downtrend on Long-Term basis.

Momentum is Bullish but inflecting. MACD Line is above MACD Signal Line and RSI is above 55 but momentum may have peaked since MACD Histogram bars are declining, which suggests that momentum is weakening.

Support and Resistance: Nearest Support Zone is $0.0000080 (previous resistance), then $0.0000070. The nearest Resistance Zone is $0.0000100, then $0.0000120, and $0.00001200.


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