Popular meme cryptocurrency Shiba Inu (SHIB) recently saw a notable price increase of 5.20%, currently valued at $0.00001383, signaling renewed interest in speculative digital assets. This surge reflects the broader cryptocurrency market, which is currently enjoying a strong green day, with many cryptocurrencies seeing positive momentum.
Among these winners, other well-known meme coins such as Dogecoin (DOGE) and Pepe (PEPE) are also posting significant gains. The overall positive market sentiment suggests that investors are turning back to riskier assets, especially those with high speculative appeal.
The recent rise in Shiba Inu prices is supported by key technical indicators that point to a potential continuation of the upward move. A closer look at the price chart shows that SHIB has broken through its recent support level at $0.00001321, which previously served as a critical recovery point. This support level is significant as the price dropped to this level but quickly recovered, indicating strong buying interest among investors.
Additionally, another minor support level was seen at $0.00001332, where the price briefly consolidated before continuing its upward trend. If the market were to experience a pullback, this level could provide temporary support before the price potentially resumes its rise.
On the resistance side, SHIB is currently testing the $0.00001383 level. This price point could serve as immediate resistance, and a successful break above it could indicate further bullish momentum.
Historically, SHIB faced resistance around $0.00001368, a level it eventually surpassed. If the current uptrend continues, this former resistance level could now act as support, offering stability in the event of a price pullback.
Looking at the broader trend, SHIB is showing clear bullish momentum, with rising trading volumes indicating increased buying pressure. This bullish sentiment is further supported by the positive trend seen after the price bounced off the $0.00001321 support level.
If the price manages to break the $0.00001383 resistance, it could enter new uncharted territory, potentially leading to even more gains.
However, a look at the Relative Strength Index (RSI) for SHIB on the weekly chart shows a reading of 41.02. This suggests that while SHIB is approaching oversold territory, it has not yet reached a strong buy position.
Additionally, the Moving Average Convergence Divergence (MACD) indicator, which is currently trading below its signal line, hints at possible downside momentum in the short term.
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