Shiba Inu Price Will Rebound Above Bullish Pennant

Shiba Inu price has breached the psychological threshold of $0.000030 as bulls maintained the bullish momentum towards the $0.000045 resistance. However, bears may have taken control of the price, allowing SHIB to pull back and trade within the lower bounds of the bullish pennant.

SHIB is currently trading above both the 50-day and 200-day simple moving averages (SMA), confirming the current bullish momentum.

Additionally, the Relative Strength Index (RSI) is currently trading at 54, above the 50 midline level. If the bulls maintain the positive momentum, it could take the RSI into overbought territory, signaling continued investor optimism.

The Moving Average Convergence Divergence (MACD) also supports bullish sentiment as the moving average (blue) crosses above the signal line (orange), representing a bullish crossover. A bullish crossover usually encourages investors to take more buying positions and the price will surge further.

Additionally, the green bar on the histogram extends above the zero line, which indicates that SHIB price is on track. The Average Directional Index (ADX) is above the 20 level and is currently at 46, indicating that SHIB is currently in a very strong bullish trend.

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