Why is the Shiba Inu (SHIB) Price Up This Week?
SHIB finally woke up after a 15% bounce on the weekly chart.
Key Support levels: $0.000018
Key Resistance levels: $0.000025
1. SHIB Bounces on Key Support
In line with most of the market, SHIB bounced hard off the support at $0.000014 and rallied until it went above $0.000018, which is the current support. Should this key level hold, then SHIB buyers could aim for $0.000025 as their next target.
2. Volume Remains Low
Despite a strong push by bulls since early July, the buy volume remains low. This is a sign of weakness and may open the door for sellers to return as the price moves higher. Buyers need to show more conviction to improve their confidence in this price action.
3. MACD Bullish Cross
The two-day MACD made a bullish cross and gave signs that this correction was over. If SHIB bottomed around $0.000014, then buyers could see this meme coin move higher in the coming weeks to challenge the resistance at $0.000028.
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