A minor pullback from the $0.000028 resistance pushed the price of Shiba Inu (SHIB) down 10% to reach the $0.000025 mark. However, the buyers defended this reversed support and the price recovered with a morning star. SHIB price approaching overhead resistance ($0.000028) could present a breakout opportunity.

Most important points:

SHIB Price Shows Sustainability Above the 200-Day EMA
Daily RSI indicators surpass their previous swing high
The intraday trading volume in the Shiba Inu coin is $1.2 billion, indicating a decline of 18.5%.

Source- Trading Display

The SHIB/USDT pair showed signs of recovery from the second half of March as memecoin broke through the USD 0.0000228 resistance. The rally after the retest accelerated bullish momentum and pumped the altcoin 23.3% to $0.000028.

The buyers made several attempts to break through this resistance, but the aggressive sellers forced every candle to close below $0.000028 resulting in a bearish reversal. However, the sellers were unable to pressure buyers for long as the combined support of $0.000025 and a cluster of EMAs (20, 50, 100 and 200) bounced off the altcoin with a morning star.

Today, NEAR price is up 4.2% and it is gradually approaching overhead resistance. A bullish breakout and close above the $0.000028 level would indicate traders are buying on dips, yielding the next 15.5% target at $0.0000327.

Alternatively, if the sellers maintain a solid resistance at $0.000028, a possible reversal this time could breach the $0.000025 support.

Technical indicator

Turning to the previous swing high of $0.000028, the relative strength index(66) slope has moved higher into bullish territory, suggesting an increase in buyer power.

The bullish recovery has overcome a cluster of EMAs (20, 50, 100 and 200) worth $0.000025. These EMA lines reversed the recent pullback indicating that the previous resistance has reversed to support.

Resistance Levels- $0.000028 and $0.000033
Support levels are $0.0000253 and $0.00002288

Disclaimer

The content presented may contain the personal opinion of the author and is subject to market conditions. Do your market research before investing in cryptocurrencies. The author or publication is not responsible for your personal financial loss.

About the author

I have been working in journalism for the past 5 years. I follow the Blockchain & Cryptocurrency of the past 3 years. I have written on a variety of topics including fashion, beauty, entertainment and finance. contact me at brian (at) coingape.com



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