Shiba Inu price analysis indicates that the bulls are in control and have been pushing prices higher. The market opened today’s section, trading in bearish pressure with sellers trying to bring prices down. However, the buying pressure returned, and prices started climbing again. At press time, the SHIB price is hovering around $0.0000076, with a surge of 2.49% in the last 24 hours.
The strong resistance level for the token is seen at $0.000007639, which is currently an intraday high. Meanwhile, the support level is at $0.000007273, which was texted earlier today when selling pressure was strong. If the bullish momentum continues, the SHIB coin is likely to break through the resistance level of $0.000007700 and reach new highs; on the downside, the coin may fall to its immediate support level of $0.000007200 if selling pressure intensifies.
Currently, the circulating supply of SHIB is 589,348,032,377,834. Over the past 24 hours, the market capitalization has increased slightly to reach $4,311,499,677, ranking it at No.19 according to market cap. The trading volume of the cryptocurrency has slightly increased in the past 24 hours and is currently at $125 million, up by 44.29 percent.
The daily technical indicators suggest bullish momentum in the market, with the Moving Average Convergence/Divergence (MACD) line crossing above the signal line and indicating a bullish crossover. The Relative Strength Index is at 42.63, indicating a neutral market, and if bulls persist, the RSI could soon enter the overbought region. The 20-EMA and 50-EMA are both in a bullish trend, indicating that bulls have the upper hand in this market. The ADX indicator is showing a strong trend at 29.55 after moving out of the supply zone, suggesting a strong bullish trend in SHIB.
Overall, the SHIB coin shows a positive trend as buying pressure rises. The technical indicators suggest that the price has the potential to break through the resistance level of $0.000007700 if bullish momentum continues. Nevertheless, there is also a chance of a dip to its immediate support level if the market sentiment changes. The bulls and bears would be closely watching the market for further developments.
