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

Shiba Inu’s correction has ended, and buyers are aiming for new highs again. 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. Buyers Return

The key support at $0.000025 held firm and did not allow SHIB’s price to fall lower. This has encouraged bulls to return. Since yesterday, buy volume has spiked which also propelled the price higher.

Chart by TradingView

2. Breaking the Key Resistance Next?

If the current rally is sustained, then SHIB could test the key resistance at $0.000037 for a second time. Usually, in a bull market, a second attempt is successful. There is still some distance until that point, but this meme coin is known to move fast once buyers return.

Chart by TradingView

3. MACD Confirms Bullish Bias

Similarly to ETH, Shiba Inu also made a bullish cross on the 12h MACD which confirms that buyers have the upper hand. This could soon see the price challenge the local resistance before new highs follow.

Chart by TradingView

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