SHIB Bull Market Incoming? Three Things to Watch This Week (Shiba Inu Price Analysis)

26 October 2023

in SHIBA

Reading Time: 3 mins read

Shiba Inu turned bullish this past week, and the price is making new highs.

Key Support levels: $0.0000077

Key Resistance levels: $0.0000084

1. Breakout and Higher Highs

SHIB’s price managed to break above $0.0000077, which has now turned into a key support. If buyers continue to dominate, the possibility of the price to quickly move to the next resistance at $0.0000084 would increase.

Chart by TradingView.

2. Bullish Momentum

The momentum indicators are turning extremely bullish, and there is still plenty of space left for the price to move higher before sellers can return. Watch the key resistance once the price arrives there, as a pullback could follow.

Chart by TradingView.

3. Bullish Cross Confirmed

With this latest breakout, the MACD bullish cross on the 3-day timeframe is confirmed. This can be the start of a sustained rally in the next few weeks. The buying volume also increased, which puts bulls on the offensive.

Chart by TradingView.

Bias

The bias for SHIB is bullish.

Short-Term Prediction for SHIB Price

It’s increasingly possible for the price to test the resistance at $0.0000084. If buyers manage to move above this level, then the next target would be $0.0000091.

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Cryptocurrency charts by TradingView.

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