Will SHIB Explode Following This Bullish Signal? (Shiba Inu Price Analysis)

2023-09-18 10:29:27

Shib’s price has finally found support, and buyers are now eager to come back.

Key Support levels: $0.0000070, $0.0000064

Key Resistance levels: $0.0000075, $0.0000080

1. Buyers Return

The support at $0.0000070 has managed to stop the downtrend, and buyers appear to have the upper hand right now. The price has also made a higher low, which is bullish, and the resistance at $0.0000075 may be tested soon.

Chart by TradingView.## 2. Breakout Imminent?

If buyers continue to show interest, a breakout appears likely, which could see the price quickly move to the next key resistance at $0.0000080. If so, this could start a significant rally, as SHIB is a momentum coin.

Chart by TradingView.## 3. Bullish Cross Confirmed

The daily MACD made a bullish cross last week, and now the price appears keen to move higher. This shift in the momentum puts bulls in charge of the price action. The only way SHIB fails to rally is if sellers put a strong stand at the key resistance level.

Chart by TradingView.## Bias

The bias for SHIB is bullish.

Short-Term Prediction for SHIB Price

Shiba Inu may have bottomed, and the price has a good chance to explore higher levels soon. Watch the key resistance levels at $0.0000075 and $0.0000080 as possible targets should a rally start.

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