Why Did Shiba Inu (SHIB) Price Rise Today?
The shiba inu correction is over and buyers are again targeting new highs. 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
1. Buyers return
The key support at $0.000025 remained intact and did not allow SHIB price to decline further. This encouraged the bulls to come back. The increase in purchasing volume since yesterday also caused the price to rise.
Chart by TradingView
2. Is Breaking Key Resistance Next?
If the current uptrend continues, SHIB could test the major resistance at $0.000037 for the second time. Usually in a bull market a second attempt is successful. There is still some distance to this point, but this meme money has been known to move almost as soon as buyers return.
Chart by TradingView
3. MACD Confirms Bullish Bias
Similar to ETH, Shiba Inu also showed a bullish divergence on the 12-hour MACD, confirming that buyers have the upper hand. This could see the price challenge local resistance before new highs follow soon.
Chart by TradingView
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