Crypto price prediction: Shiba inu makes positive movement, targeting next resistance level

 Crypto analysis: (Shiba Inu)

Shiba Inu (SHIB) is currently trading at around $0.000015, with a market value of approximately $9.10 billion. The cryptocurrency has seen a 24-hour trading volume of about $500 million, showing strong market activity. Over the past few days, SHIB has gained momentum, increasing in value as traders show interest.

Last week, SHIB managed to break through a downward trendline, which had been holding back its price since mid-December. After breaking this trend Shiba Inu found support at this level, helping it maintain an upward trajectory. By Tuesday, SHIB had already climbed nearly 7%, and by Wednesday, it had gained over 8% in a single day, signaling a strong buying trend.

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If SHIB continues this positive movement, it could soon reach its next resistance level at $0.000016. If SHIB successfully breaks past this resistance, it could continue climbing. However, if it struggles at this level, it might face some pullbacks.

Technical indicators also suggest a strong bullish trend for SHIB. The Relative Strength Index (RSI) is currently at 60, above the neutral level of 50. This suggests buyers are in control. Additionally, the Moving Average Convergence Divergence (MACD) indicator recently showed a bullish crossover, which is another sign of a possible upward trend.

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Despite the positive signs, there is still a risk of decline. If SHIB falls below Monday’s low of $0.000012, it could lose further value and drop to retest its March 11 low of $0.000010. This would mean a significant decrease from its current price and could indicate a shift in market sentiment.