Shiba Inu (SHIB) is making notable moves in the cryptocurrency market, showing strong upside potential. Recent price action suggests that SHIB may be about to make a parabolic move.
As of press time, SHIB is priced at $0.00001906, reflecting a market capitalization of around $11.23 billion. It is up 1.68% on the day, with a trading volume of $324.93 million, up 5.55%. These figures show growing interest from investors.
Price action and key levels
The recent performance of SHIB shows the price fluctuating between $0.0000185 (local low) and $0.0000192 (local high). Despite these fluctuations, the overall trend appears bullish, after a brief dip.
Therefore, this upward trajectory reflects buyersâ commitment to push the price higher. The key resistance level is the recent high around $0.0000192. A breakout above this level could indicate increased bullish momentum, potentially attracting more investors.
On the downside, SHIB has a strong support level at $0.0000185. This level has previously resisted selling pressure, suggesting that it could act as a floor for the price. If SHIB sustains above this support level, it could encourage further buying interest.
Short-term sentiment and momentum indicators
The current sentiment around SHIB remains bullish. Buyers have shown strength by stepping in at lower levels, leading to a gradual move higher. If SHIB breaks above the resistance at $0.0000192 and sustains that upward momentum, it could rise to $0.0000200 or even higher.
Conversely, if SHIB fails to hold the current price and drops below $0.0000185, it could face additional bearish pressure. In such a scenario, a revisit to $0.0000180 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. Additionally, the 2-hour MACD is trading above its signal line, suggesting potential upside momentum in the short term.
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