Shiba Inu (SHIB) has surpassed its previous resistance, signaling a resumption of its upward trajectory and indicating increased market strength. The current market trades above the dynamic support trendline, suggesting potential for further upward movements. On a larger time frame, the market exhibits an overall uptrend, marked by the creation of higher highs.
As Shiba Inu ascends from lower levels, it establishes higher-high structures, firmly entrenched in a bullish trend after breaking through both the 20-day and 200-day moving averages. This bullish momentum positions SHIB to potentially form new highs, extending the prevailing uptrend.
Over the past week, Shiba Inu crypto experienced a notable gain of 7.71%, and for the month, it surged by 31.33%. Looking at a broader timeline, SHIB recorded a gain of approximately 48.70% in the past six months and a 31.01% increase over the last year.
Year to date, the SHIB crypto price has spiked by around 35.24%, reflecting the ongoing challenges encountered by Shiba Inu cryptos in their recovery journey throughout the year.
At the time of publication, Shiba Inu crypto is trading at $0.00001099, marking an intraday gain of 0.83% and positioning itself above the 200-day EMA, indicative of a bullish sentiment on the charts. The intraday trading volume stands at 164.263 million, and SHIB crypto’s market capitalization is reported at $6.482 billion.
Technical Analysis of Shiba Inu Crypto Price on the Daily (1D) Time Frame
Presently, Shiba Inu crypto (USD: SHIB) maintains trading levels above the 50 and 200-day daily moving averages (DMAs), providing crucial support to the prevailing price trend. For a potential bearish resurgence, a move below the 20-day EMA is required, yet buyer activity appears more dominant than sellers.
The current Relative Strength Index (RSI) stands at 59.00 points, and the 14 Simple Moving Average (SMA) resides above the median line at 58.99 points, signaling a bullish trend for Shiba Inu crypto.
Examining the Moving Average Convergence Divergence (MACD), the MACD line at 0.00000047 and the signal line at 0.00000048 both position above the zero line. However, a bearish crossover in the MACD indicator implies a potential increase in bearish sentiment for the SHIB crypto price.
Conclusion:
The Shiba Inu crypto price prediction indicates a bullish stance on the chart, with buyers exerting dominance at higher levels. Technical oscillators for Shiba Inu (USD: SHIB), including the MACD, RSI, and EMAs, align with the bullish trend, signaling positive indicators and suggesting a potential continuation of the uptrend in SHIB crypto price. The price action of Shiba Inu reflects a bullish sentiment among investors and traders in the 1-D time frame. Based on technical analysis, the Shiba Inu crypto price appears firmly in a bullish trajectory, with a high probability of testing previous highs in the upcoming months.
