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Shiba Inu (SHIB) is making notable gains in the crypto market, showing strong potential for a significant upward surge. Recent price action suggests SHIB could be on the verge of a parabolic move.
As at press time, SHIB is priced at $0.00001906, reflecting a market capitalization of approximately $11.23 billion. It is up 1.68% for the day, with a trading volume of $324.93 million, a 5.55% increase. These metrics point to growing interest from investors.
Price Action and Key Levels
SHIB‘s performance of late has shown price fluctuations between $0.0000185 (local low) and $0.0000192 (local high). Despite these fluctuations, the overall trend appears bullish, following a brief price dip.
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Hence, this upward trajectory reflects the buyers’ commitment to pushing prices higher. The critical resistance level is the recent high of around $0.0000192. A breakout above this level could indicate increased bullish momentum, potentially attracting more investors.
On the flip side, SHIB has a solid support level at $0.0000185. This level has historically resisted selling pressure, suggesting it may act as a floor for the price. If SHIB maintains its position above this support, it could encourage further buying interest.
Short-Term Sentiment and Momentum Indicators
Current sentiment around SHIB remains bullish. Buyers have shown strength by stepping in at lower price points, leading to a gradual upward movement. If SHIB breaks through the resistance at $0.0000192 and maintains that momentum, it may rally toward $0.0000200 or even higher.
Conversely, if SHIB fails to hold the current price levels and drops below $0.0000185, it may face additional downside pressure. In such a scenario, revisiting the $0.0000180 level or lower becomes a possibility.
The 2-hour Relative Strength Index (RSI) is currently at 54.25, indicating that SHIB is neither overbought nor oversold. Also, the 2-hour MACD trading above the signal line suggests potential upward momentum in the near term.
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