• SHIB Token price has grown up to 16% in the past 48 hours resulting in the formation of bullish engulfing candlesticks.
  • The trading volume has decreased by 25.5% in the past day as it stands at $10.8 Billion.
  • The pair of SHIB/BTC is trading at 0.000000616 BTC with an intraday move of -12.6%
Source- SHIB/USD chart by tradingview

SHIB Token price action showcased three consecutive three bullish engulfing candlesticks in the daily chart. Even though the intraday trading volume has slightly decreased, the underlying bullishness of this Token is extremely strong.

Pivot point analysis has shown that the resistance levels of the Token are at $0.000045, following $0.000054. However, if the price drops below $0.0000354, sellers could face resistance at $0.0000268.

SHIB Token trades for $0.00003924 and has experienced a 4.42% fall in market capitalization within 24 hours. In addition, the intraday trading volume decreased by 25.1% over the last day.ADVERTISEMENT

SHIB Token in the 4-Hour chart.           

Source – SHIB/USD chart by tradingview

The SHIB token chart has shown a bullish engulfing candle at the $0.0000354 mark, suggesting a successful retest of this support level. However, the bearish divergence in the RSI chart cannot be overlooked, and thus, the crypto trader should use their risk management while entering a new trade.

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The RSI indicator projects weakness in the underlying bullish momentum of SHIB token price as the RSI chart shows a significant bearish divergence in the daily frame. 

The MACD indicator displays the MACD and signal line climbing higher in the positive zone in the daily chart. However, the retest phase of the token price has brought these lines relatively close to each other.

Conclusion: SHIB Token price indicates a boom in underlying bullishness with the recent bullish engulfing candlestick. Hence, investors can expect the token price to touch the $0.000054 mark shortly if the token price sustains above 0.0000354 and volume activity gets back on track.

Support – $0.0000354 or $0.000026

Resistance – $0.000045 and $0.000054

Source https://themarketperiodical.com/2021/10/25/shiba-inu-price-analysis-shib-token-price-sustains-above-the-crucial-resistance-zone/