Why Did Shiba Inu (SHIB) Price Increase This Week?
SHIB managed to halt the downward trend this week. SHIB price has been rising for seven days, so let’s take a quick look at a few reasons why this is happening and what could happen next.
Key Support levels: $0.000022
Key Resistance levels: $0.000025
1. SHIB Stays Below Key Resistance
Despite the onslaught from sellers, SHIB continues to remain below the key resistance at $0.0000025 and move sideways. The price made a higher low and now looks set to stay afloat. If the sellers press on again, this meme coin has good support at $0.000022.
Chart by TradingView
2. Momentum Indicates Decision
Momentum indicators are turning flat, indicating some indecisiveness among market participants. Neither bulls nor bears appear to have the upper hand at the moment. However, this situation will probably not last long.
Chart by TradingView
3. MACD is Flat
The daily MACD is trending flat and the histogram is embracing the zero level. Moving averages also move without a clear direction. To determine the direction of the price, it is important to wait and see what kind of trend will occur.
Chart by TradingView
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