SHIB Skyrockets 34% Weekly, Here’s the Next Target (Shiba Inu Price Analysis)

Shiba Inu had a fantastic week so far, managing to book a double-digit price increase.

Key Support levels: $0.000010

Key Resistance levels: $0.000014

After a successful breakout above $0.000010, SHIB quickly turned this level into support and then rallied hard. Only today, the price increased by 17%, placing Shiba Inu in the top-performing cryptocurrencies. Buyers are in full control of the price action, but they are quickly approaching the key resistance at $0.000014.

SHIBUSDT_2023-01-18_16-32-32
Chart by TradingView

Trading Volume: The buying volume today was strong. The last time buyers were so aggressive was October 2022.

RSI: The daily RSI is already in the overbought territory at 86 points. This signals a strong bullish trend, but buyers need to be weary that sellers may decide to return in force at the key resistance.

MACD: The daily MACD is bullish, with expanding moving averages and histogram.

SHIBUSDT_2023-01-18_16-36-58
Chart by TradingView

Bias

The bias for SHIB is bullish.

Short-Term Prediction for SHIB Price

At this rate, Shiba Inu seems likely to soon reach the resistance at $0.000014. The last time the price approached this level was October 2022, and the bears rejected it.

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newsby.top • 2022