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Sunday, July 21, 2024

Why is the Shiba Inu (SHIB) Price Up Today?

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Shiba Inu started a major rally last week and this week it seems keen to continue. In the following, we take a look at a few technical indicators that might provide some insights into why SHIB’s price is up today.

Key Support levels: $0.000025

Key Resistance levels: $0.000037

1. Major Rally in Progress

After more than a year of sideways price action, SHIB has finally returned to the spotlight with a massive rally that started at the end of February. Since then, the price tripled and appears determined to go higher as seen on the below chart.

Chart by TradingView

2. Breakout at Key Resistance

The resistance at $0.000025 did not last and soon turned into a key support. This opens the way for SHIB to continue towards its current target at $0.000037. That’s “only” a 37% price increase from current levels.

Chart by TradingView

3. RSI at Historic Levels

While the price action remains bullish, the weekly RSI is at a historic level. It hovers at over 87 points, higher than the all-time high from October 2021. We need to be patient and see if this is a top signal or only the beginning.

Chart by TradingView

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