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SHIB price (Shiba Inu) started a strong increase above the $0.0000125 resistance against the US Dollar. Shiba Inu is now showing bullish signs and might rally further.
- Shib price started a strong increase from the $0.000010 support against the US Dollar.
- The price is now trading above $$0.000012 and the 100 simple moving average (4-hours).
- There is a key bullish trend line forming with support near $0.000014 on the 4-hours chart of the BNB/USD pair (data source from Binance).
- The pair remains well supported for more gains above the $0.0000155 and $0.000016 levels.
SHIB Price Rallies Over 20%
In the past few days, shib price formed a support base above the $0.000010 level. The bulls were active and they were able to pump the price above the $0.000012 $0.000014 resistance levels.
The price is up over 20% in a few days and there was a move above the $0.000015 resistance, outperforming to bitcoin and ethereum. The price traded to a new 2023 high at $0.0000157 and recently started a short-term downside correction.
There was a minor decline below the $0.000015 level. The price declined below the 23.6% Fib retracement level of the upward move from the $0.0000113 swing low to $0.0000157 high.
SHIB price is now trading above $$0.000012 and the 100 simple moving average (4-hours). There is also a key bullish trend line forming with support near $0.000014 on the 4-hours chart of the BNB/USD pair.
Source: SHIBUSD on TradingView.com
On the upside, the bears are protecting the $0.000015 and $0.0000155 resistance levels. The next major resistance is near the $0.0000162 level, above which the price is likely to aim a test of the $0.000018 level in the near term. Any more gains might send the price towards the $0.000020 level.
Dips Supported in Shiba Inu?
If shiba inu price fails to clear the $0.0000155 resistance, it could slowly move lower. An initial support on the downside is near the $0.000014 level.
The first major support is near the $0.0000135 level. It is near the 50% Fib retracement level of the upward move from the $0.0000113 swing low to $0.0000157 high. The next major support is near the $0.0000125 level. If there is a downside break below the $0.0000125 support, there could be an extended decline towards the $0.0000115 support.
Technical Indicators
4-Hours MACD – The MACD for SHIB/USD is losing pace in the bullish zone.
4-Hours RSI (Relative Strength Index) – The RSI for SHIB/USD is currently above the 50 level.
Major Support Levels – $0.000014 and $0.0000125.
Major Resistance Levels – $0.000015, $0.0000155 and $0.0000162.
