Chart by TradingView
Shiba Inu made an impressive recovery this week, but can it break the key resistance?
Key Support levels: $0.0000095
Key Resistance levels: $0.000010
After a difficult start in 2024, SHIB has finally returned on the uptrend, with buyers keen to get exposure. The price is rallying and is quickly approaching the key resistance at $0.000010. The current support is at $0.0000095.
The RSI on the daily timeframe has moved above 50 points, putting an end to the downtrend. This change in the price action is also supported by an increased buy volume.
This week’s price action has made the daily MACD histogram make higher lows, and now a bullish cross appears imminent if bulls maintain the pressure. The only obstacle remains the key resistance.
The bias for SHIB is bullish.
Watch the key resistance at $0.000010. If broken, SHIB could enter a sustain rally with new highs in January.
