#Shiba Inu ($SHIB) is preparing for a significant upgrade to its Shibarium platform, with a hard fork scheduled for May 2nd.
Recent price action indicates #Shiba Inu is struggling to maintain its upward momentum, entering a correction phase after failing to breach a major resistance zone.
The formation of a Doji candle on the daily chart suggests uncertainty in SHIB's price movement, reflecting market indecision.
$SHIB faced strong rejection at its 50-day exponential moving average (EMA), resulting in a noticeable trend reversal.
Resistance levels at the 50% Fibonacci retracement and the upper boundary of its trading channel have impeded SHIB's recovery.
To shift the short-term bias to bullish, SHIB must overcome resistance levels at $0.0000275 and $0.0000295.
Breaking above the 50-day EMA could provide opportunities to target higher resistance zones, with the recent high near $0.000030 being a significant area.
Conversely, failure to hold the 20-day EMA may lead SHIB to find support around the $0.000019 threshold, near the lower boundary of its trading channel.
According To Coingabbar's analysis, The lingering question is whether SHIB will reach the coveted $0.0001 mark in May or not.
KEY LEVELS :
RESISTANCE LEVEL : $0.00002800-$0.00003200
SUPPORT LEVEL : $0.000021000-$0.000016000
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