SHIB’s Close Today Could Indicate Its Next Short-Term Move
A bearish rising wedge pattern has formed on SHIB’s daily chart, which may suggest that the meme coin’s price will correct in the next couple of days. This bullish thesis could be invalidated if SHIB closes today’s daily candle above $0.00000847. This could then set the altcoin up to continue climbing to $0.00000965 in the following couple of days.
On the other hand, SHIB closing today’s trading session below $0.00000847 could expose the cryptocurrency to the risk of falling to $0.00000755 in the short term. Thereafter, continued sell pressure could force SHIB down to as low as $0.00000700.
Technical indicators suggested the meme coin is at a decisive point. The daily Moving Average Convergence Divergence (MACD) indicator signaled that SHIB’s positive trend may continue. This was suggested by the MACD line breaking away above the MACD Signal line. In addition to this, the gradient of the MACD Histogram was also positive.
Meanwhile, the daily Relative Strength Index (RSI) indicator signaled that bulls were losing some of their strength. Furthermore, the downside potential for SHIB was greater than its upside potential, as it is approaching overbought territory.
Today’s daily close may indicate in which direction SHIB will move in the coming 24-48 hours. If the meme coin closes today’s trading session above $0.00000847, then it may continue to rise to $0.00000965. Conversely, a daily candle close above $0.00000847 could lead to SHIB falling to $0.00000755.
On the other hand, SHIB closing today’s trading session below $0.00000847 could expose the cryptocurrency to the risk of falling to $0.00000755 in the short term. Thereafter, continued sell pressure could force SHIB down to as low as $0.00000700.
Technical indicators suggested the meme coin is at a decisive point. The daily Moving Average Convergence Divergence (MACD) indicator signaled that SHIB’s positive trend may continue. This was suggested by the MACD line breaking away above the MACD Signal line. In addition to this, the gradient of the MACD Histogram was also positive.
Meanwhile, the daily Relative Strength Index (RSI) indicator signaled that bulls were losing some of their strength. Furthermore, the downside potential for SHIB was greater than its upside potential, as it is approaching overbought territory.
Today’s daily close may indicate in which direction SHIB will move in the coming 24-48 hours. If the meme coin closes today’s trading session above $0.00000847, then it may continue to rise to $0.00000965. Conversely, a daily candle close above $0.00000847 could lead to SHIB falling to $0.00000755.