Why is the Shiba Inu (SHIB) Price Up Today?

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Cryptopotato2024/05/13 11:49

By:Duo NineMore posts by this author

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.

Tags: Shiba Inu (SHIB)

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.

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