SHIB: Support Breakout
Shiba Inu (SHIB) technical analysis:
Trade setup: Following a bullish breakout from Ascending Triangle, price reached $0.0000115 and looked like it entered a new Uptrend. However, price pulled back and broke below $0.000008 support, which is where the prior bullish breakout occurred. This opens up downside risk back to $0.0000055.
Trend: Downtrend on Short- and Medium-Term basis and Neutral on Long-Term basis.
Momentum is Bearish (MACD Line is below MACD Signal Line, and RSI is below 45).
Support and Resistance: Nearest Support Zone is $0.0000080, which it broke, then $0.0000055. The nearest Resistance Zone is $0.0000100, then $0.00001200.
Trade setup: Following a bullish breakout from Ascending Triangle, price reached $0.0000115 and looked like it entered a new Uptrend. However, price pulled back and broke below $0.000008 support, which is where the prior bullish breakout occurred. This opens up downside risk back to $0.0000055.
Trend: Downtrend on Short- and Medium-Term basis and Neutral on Long-Term basis.
Momentum is Bearish (MACD Line is below MACD Signal Line, and RSI is below 45).
Support and Resistance: Nearest Support Zone is $0.0000080, which it broke, then $0.0000055. The nearest Resistance Zone is $0.0000100, then $0.00001200.
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