- The Shiba Inu token shows a positive market trend after a massive buying-off.
- Bulls gain control as the SHIB market faces rejection at the $0.00001331 level.
- The Shiba Inu price analysis shows a bullish trend at the $0.00001317 mark.
According to the most recent Shiba Inu price analysis, the SHIB market has been subject to a large buying-off. This resulted in the bulls taking control of the market and pushing the SHIB up to $0.00001317, with an increase of over +1% in the last 24 hours. Moreover, the buying pressure is expected to continue pushing the SHIB token even higher in the coming days.
However, despite this bullish trend in the market, the SHIB token still faces resistance at the $0.00001331 level, which is the next key level for the SHIB if bull pressure is to be maintained.
The support level for the SHIB token is at $0.00001301, and if it fails to hold, this could spell trouble for the bulls.
The past few hours had observed a continuous bearish streak in the SHIB market, but the buying spree has reversed that trend and brought bullish pressure back into the market. This is a strong indication of Shiba Inu’s potential to grow in value as investors continue to make their mark on the SHIB market.
SHIB 24-hour price action: Coinmarketcap
The trading volume is also relatively high at $222,122,749, which may result in a further bullish trend. At the same time, the market capitalization of Shiba Inu has also increased to $7.22 billion, which suggests that the buyers are still strong in the market.
Looking at the technical indicators, the Moving Average Convergence Divergence (MACD) indicator is in the positive zone. The MACD line is trading above the signal line on the daily chart. The histogram further confirms the bullish sentiment in the market as the bar is currently in the green color, which indicates an increase in buying pressure.
SHIB/USD daily chart: TradingView
The Relative Strength Index (RSI) is also bullish as it trades above the 50-level at $53.28 on the daily chart. This suggests that there is still some buying pressure left in the market, and if this trend continues, then we could see further gains for Shiba Inu. The moving average is also bullish as the 50-day, and the 200-day are both trending above the current price. This suggests that the market is still in a strong uptrend.
Overall, Shiba Inu is still on an uptrend and will likely remain so for the coming days. Bulls have taken control of the SHIB token with a massive buying-off, and this trend may continue if resistance levels are broken. The resistance levels are set at around $0.00001331, and the support levels are placed at $0.00001301, either of which could be broken shortly.
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