In recent hours, the leading cryptocurrency Shiba Inu (SHIB) has witnessed a notable surge in bullish momentum, with the market gaining significantly. The SHIB token is currently showing an increase of 1.27% in the last 24 hours trading at $0.0000080 as of press time. The buying pressure is expected to increase further as the token is currently trading in a range between $0.000007732 and $0.000008126, while the bulls are looking to break out of this range.
The SHIB market began the day’s trading session with a bullish divergence pattern around $0.000007980. The coin has recently been under intense investor buying pressure, forming an ascending triangle at present. The intraday high reached by the bulls, $0.000008126, serves as a solid resistance; if the token breaches this level, it would signal further bullishness.
Shiba Inu’s 24-hour market capitalization, which is now hovering around $4.7 billion, also exhibits signs of growth. This shows a rising market demand for this token, which might soon translate into higher SHIB values. However, at $164,620,943, the trading volume is still quite low, suggesting that the market may experience further turbulence before a long bull run.
On the daily chart, the 20-EMA is currently above the 50-EMA, indicating strong bullish pressure in the market. Additionally, the RSI is currently at 56.27, showing a change in sentiment from bearish to neutral toward Shiba Inu. If bullish momentum continues, the RSI might soon go into overbought territory. The Chaikin money flow (CMF) has crossed the zero line at 0.07, indicating that the purchasing pressure exceeds the selling pressure. Additionally, the CMF crossing the zero line at 0.07 suggests that money is moving into SHIB.
The 24-hour chart’s Bolinger bands exhibit indicators of buy pressure with rising volatility and expanding bands. The lower Bollinger band is currently at $0.00000626, which might work as a solid support level if bears make a comeback. The upper Bollinger band is currently at $0.00000843, which might imply additional bullishness in the market if the bulls could break out of this resistance level.
Shiba Inu’s price analysis shows that the token has gained significant bullish momentum over the last few hours, with buyers pushing the price up. The buying pressure is expected to increase further if the bullish divergent pattern and ascending triangle are successfully broken out. However, if bears make a comeback a retracement could be seen as the trading volume is still relatively low
