Does SHIB face critical support, correction, or more bloodbaths ahead?

Key Support Level – $ 0.000030

Key Resistance Level – $ 0.000034

SHIB has finally reached the $ 0.000030 support level, which has the best chance of reversing the current downtrend. This is because this level was the previous all-time high for October and should act as strong support.

Also, the downtrend is forming a final diagonal wave with converging lines based on Elliot wave theory (see in blue). A breakout of this triangle can drive the price to resistance at $ 0.000034 and can initiate a significant rally.

Chart by TradingView

Technical indicators

Trade volume: Volume has remained low during this correction. However, a reversal is likely to prompt buyers to quickly look back at past price action.

RSI: RSI is hitting higher lows within 12 hours. However, on a daily basis, this is not the case yet. This suggests that SHIB may consolidate above key support before attempting a rally.

MACD: The daily MACD has not yet made a bullish crossover. But this can take place at any time if volatility returns to SHIB, as the MACD moving averages are very close to each other.

Chart by TradingView

Bias

The bias in SHIB is neutral. A break above the key resistance can turn the bias bullish, while a break below will be bearish.

SHIB price short-term prediction

The SHIB correction has been ongoing for almost two full months and the price has fallen more than 60% from the all-time high of $ 0.000088. For this reason, the downtrend is likely to reverse soon and a relief rally is expected.

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