Why Did Shiba Inu (SHIB) Price Rise Today?
The shiba inu started a huge rally last week and looks eager to continue it this week. Below we will take a look at a few technical indicators that may provide some insight into why SHIB’s price is rising today.
Key Support levels: $0.000025
Key Resistance levels: $0.000037
1st Big Rally Continues
After more than a year of sideways price movement, SHIB finally came back into the spotlight with a massive rally that started at the end of February. The price has tripled since then and looks set to rise even higher, as seen in the chart below.
Chart by TradingView
2. Break in Base Resistance
The resistance at $0.000025 did not last long and quickly turned into a significant support. This paves the way for SHIB to move towards its current target of $0.000037. This is “only” a 37% price increase from current levels.
Chart by TradingView
3. RSI at Historical Levels
The weekly RSI is at a historic level as price action continues to rise. It is trending above 87 points, which is higher than the all-time high in October 2021. We need to be patient and see if this is an upper signal or just the beginning.
Chart by TradingView
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