Why is the Shiba Inu (SHIB) Price Up Today?
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.
Key Support levels: $0.000025
Key Resistance levels: $0.000037
1. Buyers Return
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.
2. Breaking the Key Resistance Next?
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.
3. MACD Confirms Bullish Bias
Similarly to ETH , Shiba Inu also made a bullish cross on the 12h MACD which confirms that buyers have the upper hand. This could soon see the price challenge the local resistance before new highs follow.
Disclaimer: everything in the article represents the author's point of view and has nothing to do with this platform. This article is not intended to be used as a reference for making investment decisions.
