Is a SHIB Bull Market Incoming? 3 Things to Consider This Week (Shiba Inu Price Analysis)

Shiba’s price has been making steady gains and the momentum appears to be shifting in bulls favor.

Key Support levels: $0.0000070 

Key Resistance levels: $0.0000080, $0.0000083

1. The Start of a Rally?

With Bitcoin above $28k, altcoins are starting to move and SHIB is no different. The current chart shows a clear bullish momentum which could take the price to the key resistance at $0.0000080. Considering that Shiba Inu is a momentum coin, reaching that target appears easy so long the uptrend stays intact.

2. Volume is Still Flat

While the price action and momentum are bullish, there is one thing missing right now: volume. The buy pressure is relatively flat with no significant increase to date. However, if the current trend maintains, then buyers should return to SHIB and test the key levels ahead.

3. Momentum Indicators Turning Bullish

The 3-day RSI is making higher lows and has curved up nicely over the past few days. This is a bullish signal that will be confirmed once the RSI passes the 50 points level. The 3-day MACD is also curving up and will do a bullish cross soon if this momentum continues.

Bias

The bias for SHIB is bullish.

Short-Term Prediction for SHIB Price

This meme coin found good support at $0.0000070 and the price moved higher ever since. The current targets are found at $0.0000080 and $0.0000083. They will also act as a resistance to the uptrend. Watch closely those levels in the next few days.