💥Shiba Inu (SHIB) Price Climbs to 30-Day High, Eyes More Gains

Shiba Inu (SHIB) Price Movement

📈 Brief Surge
In early trading on Tuesday, Shiba Inu (SHIB) briefly hit a monthly high of $0.000020. It has since retraced to $0.000019 but remains poised for an uptrend.

🚀 Seeking New Highs
Technical indicators on the daily chart suggest a sustained rally. The Moving Average Convergence/Divergence (MACD) indicates rising bullish sentiment. Since July 5, SHIB's MACD line (blue) has stayed above the signal line (orange) and is trending towards the zero line, signifying a shift from bearish to bullish momentum. A successful cross above the zero line could attract more buyers and drive prices higher.

💪 Bull Power
SHIB’s Elder-Ray index shows dominant bull power with a positive value of 0.0000036 since July 13, indicating bullish strength outweighing bearish efforts.

📊 Futures Market Activity
SHIB’s price hike has led to a spike in its derivatives market. Futures open interest is at a one-month high of $39 million, increasing over 40% in the past seven days. This indicates more traders entering new positions, potentially driving SHIB to new highs. If bullish sentiment holds, SHIB could rally past $0.000020 to $0.000025. However, a shift to bearish sentiment could see prices plummet to $0.000012.