Technical analysis $SHIB May 30, 2024

Shiba Inu (SHIB) rose above a symmetrical triangle pattern on May 27, suggesting that the volatility has resolved in favor of the bulls.

The 20-day EMA ($0.000025) has started to turn up and the RSI is in the positive zone, signaling that the bulls are gaining the upper hand. There is a minor resistance at $0.000030, but it is likely to be surpassed. The SHIB/USDT pair could then rise to $0.000033.

If the price turns down from the current levels, it could find support at the moving averages. The bears will have to drag the price below the support line to initiate a decline towards the 78.6% Fib retracement level at $0.000017.