SHIB Explodes 228% on the Week as Bulls Take Control
Shiba Inu came into the spotlight again with a huge rally.
Key Support levels: $0.0000025
Key Resistance levels: $0.000037
1. Massive Rally Continues
SHIB’s receivers went into effect in late February, pushing prices to levels not seen since 2022. Since then, SHIB’s price has increased by over 300%; This is an impressive achievement in such a short time, especially from a technical perspective.
Current resistance is at $0.000037, and if buyers continue to push this rate, this likely won’t last long.
Chart by TradingView
2. Volume Explodes
Trading volume has reached levels similar to the last bull market. This is impressive and shows that the bull market is now in full swing and much sooner than expected. Receivers show no signs of exhaustion at the time of this writing.
Chart by TradingView
3. Weekly RSI Broke a Record
The speed of this rally surprised the market and the weekly RSI shows this very well. It is currently above 90 points, the highest level to date. This is both an extremely bullish signal and a signal to be careful.
Chart by TradingView
Prejudice
SHIB’s trend is bullish.
Short Term Forecast on SHIB Price
Meme coins are back and they seem to be dominating the market now. It seems likely that the shiba inu will continue its rally as long as this continues. Watch for key resistance at $0.000037. If this declines, expect SHIB to move towards $0.000047 next.
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Cryptocurrency charts from TradingView.
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