SHIB – analysis by CoinGape
Shiba Inu continues to defy the general sluggish crypto environment to post impressive gains as the week kicks off. The dog-themed meme coin boasts a 3.5% increase to $0.00002536 during US business hours. This is on top of a 5.5% surge in seven days backed by soaring volume to $575 million based on CoinMarkeCap data. Should SHIB price analysis sustain above the $0.000025 level, the next breakout could boost it past $0.00003.
Shiba Inu sits on top of all four bull market indicators, starting with the 200-day, 100-day, 50-day, and 20-day Exponential Moving Averages (EMAs).
The Moving Average Convergence Divergence (MACD) has rebounded into the positive region, reinforcing the bullish structure. Should the blue MACD line hold above the red signal line, the path of least resistance will remain upwards.
Breaching the immediate resistance at $0.000026 may encourage more people to buy SHIB, hence the FOMO in the crypto fear and greed index. This is likely to boost the price above $0.00003 and bring the next target at $0.000035 within reach.
The EMAs are in a position to provide support. Other key levels to watch out for are buyer congestion at $0.000022 and $0.00002, respectively. After collecting liquidity, Shiba Inu would be poised for a stronger breakout.
