Shiba INU Price Analysis: Shiba INU breaks out of bearish dominance on the daily chart

• Shiba INU Token made a breakout of the bearish channel on the daily chart
• The coin has a crucial long-term support zone at $ 0.000021
• The coin has formed a bullish flag on the hourly chart during the last couple of days

Shiba INU Token has broken out of a bearish trend during the last couple of days. It remains to be seen if the coin is able to stay above the resistance or falls back into the bearish trend. The coin had successfully tested the support zone of $ 0.000021 on the daily chart. The Stochastic Relative Strength Index (Stoch RSI) is showing that the coin may be overbought at the current levels. The coin has been dominated by bears since late October 2021. The next couple of days are crucial for cementing the direction of the token.

Shiba INU Token has formed a bullish flag pattern on the hourly chart. The coin however is currently testing the resistance zone at $ 0.000028 on the hourly chart. The coin has seen some impressive volumes over the last few hours as the coin formed the flag breaking the resistance zone on the daily chart. The SToch RSI on the hourly chart is hinting that the coin might be underbought at the current levels. The coin was trading in the zone between $ 0.000018 and $ 0.000023 before making the bullish flag. It remains to be seen in which direction the token will head over the next few trading hours.

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Conclusion:

Shiba INU Token has formed a bullish flag on the hourly chart as it made a breakout of the bearish dominance on the daily chart. The Stoch RSI indicator indicates opposite signals on the two time frames.

Support: $ 0.000018

Resistance: $ 0.000028

DISCLAIMER: The views and opinions stated by the author, or any people named in this article, are for informational ideas only, and they do not establish any financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.

Steve Anderrson

Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain.