- All week long, bulls have dominated the Shiba Inu market, making sellers’ efforts futile.
- The price of SHIB has increased by 2.98% in the last day, reaching $0.000008508.
- Bulls are testing resistance; can it hold or will they shatter it
In the previous week, buyers drove the price of Shiba Inu (SHIB) up from its weekly low of $0.000007966 to its weekly high of $0.000008531. Market cap increased by 3.33% to $4,660,243,381, while 24-hour trading volume increased by 111.07% to $209,859,439, all of which point to a continuing optimistic trend.
SHIB has seen an uptick in demand, as shown by the modest widening of the Bollinger bands on the 24-hour price chart. With the top band at 0.00000855 and the bottom band at 0.00000795, this bullish perspective is evident. Buying pressure is increasing as prices move closer to the upper range, lending credence to the idea of a sustained bullish run.
The movement of the MACD blue line above the signal line, as bulls overcame the recent downturn that had pushed price to $0.000008171, adds to the positive outlook in the SHIB market. This bullish view is supported by a reading of -0.00000017. Furthermore, when the histogram moves north, evidence for a long-term uptrend is offered.
The outstretched Bollinger Bands, with an upper band of 0.00000872 and a lower band of 0.00000809, on the 1-hour price chart, provide more indication of bullish control. In the near future, these levels might act as resistance and support, respectively.
With the MACD blue line above the signal line and in the positive zone, the SHIB market seems promising. A value of 0.00000008 suggests a positive outlook. Additionally, a long-term upward tendency is shown when the histogram points north.
If bulls can keep the SHIB market under their grip, technical signs point to more gains.
Disclaimer: In good faith, we disclose our thoughts and opinions in our price analysis, as well as all the facts we give. Each reader is responsible for his or her own investigation. Reader discretion is advised before taking any action.