Chart by TradingView
Shiba Inu had a fantastic week so far, rallying by over 50% in the past seven days. However, the upcoming resistance levels may pose some challenges to the bulls.
Key Support level: $0.000010, $0.000008
Key Resistance level: $0.000012, $0.000014
After a significant rally, SHIB is found just under the critical resistance at $0.000012. With momentum somewhat weak, it is unlikely for SHIB to attempt a breakout on a Sunday, but the coming week may surprise us again. The support is found at $0.000010.
Trading Volume: The trading volume was high a few days ago, but once the weekend started, volume faded.
RSI: The daily RSI almost reached 60 points and is firmly on the bullish side with higher lows and higher highs.
MACD: The daily MACD is bullish and the histogram continues to make higher highs, which is a good sign. If buyers continue to show interest, then SHIB could break the current resistance in the coming week.
The bias on SHIB is bullish in the short term.
Keep a close eye on the key resistance at $0.000012. If broken, then SHIB will have the path open and may rally all the way to $0.000014. The momentum remains bullish at this time, but this has to be confirmed on Monday with a clean break of the current resistance.
