Shiba Inu Price Analysis: SHIB Turns Bullish with New Highs
Shiba Inu (SHIB) has experienced a bullish turn in the past week, with its price reaching new highs. Here are the key support and resistance levels to watch:
Key Support levels: $0.0000077
Key Resistance levels: $0.0000084
1. Breakout and Higher Highs
The price of SHIB successfully broke above the $0.0000077 level, which now serves as a crucial support. If buyers continue to dominate the market, there is an increased chance of the price quickly reaching the next resistance level at $0.0000084.
2. Bullish Momentum
Momentum indicators are showing a strong bullish trend, and there is still room for the price to rise further before sellers regain control. However, it’s important to monitor the key resistance level as a pullback may occur once it is reached.
3. Bullish Cross Confirmed
The recent breakout has confirmed a bullish cross on the MACD indicator’s 3-day timeframe. This could be the beginning of a sustained rally in the coming weeks. Additionally, buying volume has increased, indicating that bulls are taking charge.
Bias
The overall bias for SHIB is currently bullish.
Short-Term Prediction for SHIB Price
There is an increasing possibility of the price testing the resistance level at $0.0000084. If buyers successfully push past this level, the next target would be $0.0000091.
Hot Take: SHIB Continues to Surge with Bullish Momentum
Shiba Inu’s recent bullish turn and new highs indicate a strong upward trend for the cryptocurrency. With key support and resistance levels in play, buyers have the potential to drive the price even higher. The confirmed bullish cross on the MACD indicator further supports this positive outlook. However, it’s important to remain cautious as a pullback may occur once the price reaches the key resistance level. Overall, SHIB’s current bias remains bullish, and short-term predictions suggest further upward movement.
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