Can SHIB Explode Higher? Here_s What You Need to Know (Shiba Inu Price Analysis)

CryptoPotato

2023-08-02 12:18:25

Shiba Inu is in a clear uptrend, and momentum still favors bulls.

Key Support levels: $0.0000080

Key Resistance levels: $0.0000094

1. Clear Higher Highs

The price has been making higher highs since late June, and SHIB has not stopped since. This puts the price in a clear uptrend which could take SHIB to the key resistance at $0.0000094.

However, in the process, this meme coin also appears to have formed a bearish wedge which could see the price break under it once the key resistance is hit.

Chart by TradingView## 2. Sustained Buy Volume

Despite regular pullbacks, buyers continue to dominate the chart. This is also represented in the price that has slowly moved higher every week. Buyers appear to rush in whenever SHIB breaches a key resistance pushing the price higher in a short amount of time which sustains the bullish bias.

Chart by TradingView## 3. Bullish Momentum

The momentum is clearly positive on the MACD and RSI indicators, as they both show higher highs. With good support at $0.0000080, SHIB seems to be on a clear path to hit the key resistance.

Chart by TradingView## Bias

The bias for SHIB is bullish.

Short-Term Prediction for SHIB Price

A test of the key resistance at $0.0000094 appears imminent. Nevertheless, it’s important to watch closely how the wedge will resolve as a break below it could lead to a correction. On the other hand, a break above it could likely be extremely bullish for Shiba Inu’s price action.

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