Shiba Inu Price Analysis: Is This Meme Coin Ready for New Highs?
Shiba Inu’s correction has ended, and buyers are aiming for new highs again. In the following, we take a look at a few technical indicators that might provide some insights into why SHIB’s price is up today.
1. Encouraging Signs for Buyers
The key support at $0.000025 held firm and did not allow SHIB’s price to fall lower. This has encouraged bulls to return. Since yesterday, buy volume has spiked which also propelled the price higher.
- Key Support levels: $0.000025
2. Testing Key Resistance Levels
If the current rally is sustained, then SHIB could test the key resistance at $0.000037 for a second time. Usually, in a bull market, a second attempt is successful. There is still some distance until that point, but this meme coin is known to move fast once buyers return.
- Key Resistance levels: $0.000037
3. Bullish MACD Signal
Similarly to Ethereum, Shiba Inu also made a bullish cross on the 12-hour MACD, confirming that buyers have the upper hand. This could soon see the price challenge the local resistance before new highs follow.
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