Why is the Shiba Inu (SHIB) Price Up Today?
Here are a few technical reasons why the SHIB price might be ternding higher for longer.
SHIB is giving hints it wants to go higher, so let’s have a quick look at a few reasons why and what may rest ahead.
Key Support levels: $0.000022
Key Resistance levels: $0.000025
1. SHIB Eyeing the Key Resistance
With the price holding well above the support at $0.000022, buyers appear keen to test the key resistance at $0.000025. The previous attempt in early May was rejected, but a second one could be successful, considering that momentum may be shifting bullish.
2. Buyers are Returning
SHIB’s price increased by over 5% today on good buy volume. The last time this happened was when this meme coin tried to break the key resistance in early May. This is a promising sign and could lead to a breakout.
3. MACD is Curving Up
The 2-day MACD histogram is making higher lows, and the moving averages could soon curve up toward a bullish cross. In lower timeframes, this has already happened after this latest push from buyers. If this trend continues, then SHIB could break above $0.000025.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
