Shiba Inu Price Analysis

The Shiba Inu (SHIB) price has surged 8% in the past 24 hours, reaching $0.0000261 as of 3:30 a.m. EST. This increase coincides with a 12% jump in trading volume to $5.9 billion.

Technical Analysis

The SHIB/USD daily chart presents a cautiously bullish outlook. The 50-day Moving Average (MA) is positioned around $0.00001883, while the 200-day MA is near $0.00001832. A "Golden Cross" has formed, with the 50-day MA crossing above the 200-day SMA. This typically signals potential upward momentum and a bullish trend shift.

A support zone is present at $0.00001800, which has supported recent upward movements. The price surged after breaking out from this support and following the moving average crossover, reaching a high of $0.00002733. A slight retracement has occurred, but the price remains above both moving averages, indicating a bullish bias.

The MACD (Moving Average Convergence Divergence) supports this trend, with the MACD line above the signal line, suggesting continued upward momentum. The RSI (Relative Strength Index) is approaching the overbought zone, indicating potential for a short-term pullback.

Resistance and Support

If bullish momentum persists, the next resistance target is the recent high of $0.00002733, with further gains possible towards $0.00003000. However, caution is advised as the RSI approaches overbought levels, indicating a possible correction. A drop below $0.00001800 could weaken the bullish outlook.

Disclaimer

This article is for informational purposes only and should not be considered financial advice.