SHIB Skyrockets 12% Weekly but is a Correction Coming This Week? 3 Things to Watch (Shiba Inu Price Analysis)

CryptoPotato

2023-10-30 09:10:10

Shiba Inu remains bullish on higher timeframes, but a pullback appears likely.

Key Support levels: $0.0000077

Key Resistance levels: $0.0000084

1. Momentum Remains Bullish

On the three-day timeframe, SHIB continues to make higher highs and shows a clear bullish bias. However, it appears that a re-test of the current support at $0.0000077 is likely.

Chart by TradingView.## 2. Volume Falling

With a falling volume, the probability of a short pullback is high. This is why a test of the key support seems more likely at this time than a continuation of the price to the resistance at $0.0000084.

Chart by TradingView.## 3. RSI Lower High

The daily RSI has made a lower high which shows that SHIB may have reached a local top at the time of this post. If confirmed, then the price is likely to test the key support in the next few days.

Chart by TradingView.## Bias

The bias for SHIB is bullish.

Short-Term Prediction for SHIB Price

As long as the key support at $0.0000077 holds, then this meme coin can still move higher after the pullback is completed.

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