As a seasoned analyst with over a decade of experience in this dynamic crypto market, I find myself cautiously optimistic about SHIB today. The price action suggests a potential bullish reversal at the key support level of $0.000012, a pattern we’ve seen play out before.
SHIB is up today after the key support defended the price.
Key Support levels: $0.000012
Key Resistance levels: $0.000014
1. SHIB Finds Support
On two separate occasions now, Shib has probed the $0.000012 support level. At present, it appears that buyers are eager to re-enter at these prices, as today’s trading has shown a positive trend. If this momentum continues to build throughout the week, it seems probable that we might see Shib challenge the significant resistance at $0.000014.
2. Bullish Momentum is Returning
At present, the cost seems to be stabilizing around these points, providing an opportunity for technical indicators like the Moving Average Convergence Divergence (MACD) to show bullish tendencies. For instance, on the daily chart, the MACD histogram shows a pattern of higher lows, suggesting a possible upcoming bullish cross if buying pressure continues.
3. The RSI Is Making Higher Lows
After a decline in early August, the Daily Relative Strength Index (RSI) has been forming higher troughs. More recently, the RSI has moved above its moving average, which is an indication of a potential uptrend. If this trend continues with a breakthrough the significant resistance level, Shiba Inu (SHIB) might experience another upward surge.
For more updates on the ecosystem, make sure to check out our Shibarium news.
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2024-09-09 11:51