The Start of a Rally?
Shiba Inu’s price has been steadily increasing and it seems that the momentum is now in favor of the bulls. With Bitcoin surpassing $28k, altcoins like SHIB are also starting to move. The current chart indicates a clear bullish momentum, which could potentially push the price towards the key resistance level at $0.0000080. Given that Shiba Inu is known for its momentum, reaching this target should be relatively easy as long as the uptrend remains intact.
Volume is Still Flat
While the price action and momentum are bullish, there is one crucial element missing at the moment: volume. The buying pressure has remained relatively flat with no significant increase so far. However, if the current trend continues, it is expected that buyers will return to SHIB and test the key levels ahead.
Momentum Indicators Turning Bullish
The 3-day RSI (Relative Strength Index) is showing higher lows and has been curving up nicely over the past few days. This is a bullish signal that will be confirmed once the RSI surpasses the 50 points level. Additionally, the 3-day MACD (Moving Average Convergence Divergence) is also curving up and is likely to make a bullish cross soon if this momentum persists.
Bias
The bias for SHIB is currently bullish.
Short-Term Prediction for SHIB Price
This meme coin has found solid support at $0.0000070 and has been moving higher ever since. The current targets for the price are set at $0.0000080 and $0.0000083, which will also act as resistance levels to the ongoing uptrend. It is important to closely monitor these levels in the coming days.
Hot Take: Shiba Inu’s Momentum Continues to Build
Shiba Inu’s price has been steadily gaining momentum, with the current trend favoring the bulls. Despite the lack of significant volume, indicators such as the RSI and MACD are turning bullish, indicating a potential continuation of the upward movement. With key resistance levels ahead, it will be crucial to closely monitor how SHIB performs in the short term. As always, exercise caution and conduct thorough analysis before making any investment decisions.
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