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Tuesday, May 28, 2024

Shiba Inu Price Analysis: SHIB Explodes 228% Weekly as Bulls Take Control

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Shiba Inu is back in the spotlight with a massive rally.

Key Support levels: $0.0000025

Key Resistance levels: $0.000037

1. Massive Rally in Progress

SHIB’s buyers came in force in late February and took the price to levels not seen since 2022. Since then, SHIB’s price has increased by over 300%, which is an impressive achievement in such a short time — especially from a technical perspective.

The current resistance is at $0.000037, and if buyers continue pushing at this rate, it’s likely to not last.

Chart by TradingView

2. Volume Explodes

The buy volume reached levels similar to those of the last bull market. This is impressive and shows that this bull market is now in full swing and much earlier than expected. Buyers do not show any signs of exhaustion at the time of this post.

Chart by TradingView

3. Weekly RSI Breaks Record

The speed of this rally took the market by surprise and the weekly RSI shows this very well. It’s now over 90 points, the highest level to date. This is both a signal of extreme bullishness, but also caution.

Chart by TradingView

Bias

The bias for SHIB is bullish.

Short-Term Prediction for SHIB Price

Meme coins are back, and they appear to dominate the market right now. Shiba Inu seems likely to continue its rally as long as this lasts. Watch the key resistance at $0.000037. If that falls, expect SHIB to rush towards $0.000047 next.

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Cryptocurrency charts by TradingView.

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