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Shiba Inu (SHIB) Tests Resistance Amidst Bullish Momentum Faltering

Shiba Inu (SHIB) has gained 14% in 7 days, with a market cap of $14 billion, but weak momentum suggests a potential consolidation or reversal.

RSI at 60.8 suggests a bullish phase with room to gain, but falling ADX and rising selling pressure suggest growing bearish sentiment.

A golden cross could push SHIB to $0.0000298, but failure could lead to a correction, testing supports at $0.000022 and $0.0000185.

Shiba Inu (SHIB) has seen a near 14% rally in the past week, pushing its market cap to $14 billion and cementing its position as the largest meme coin after Dogecoin. While the recent surge indicates strength, SHIB’s RSI is signaling a moderate bullish phase, leaving room for additional gains if momentum continues to build.

The ADX shows that SHIB is still in an uptrend, but is weakening as selling pressure increases. A potential golden cross could push SHIB to test resistance levels for further upside. However, a loss of momentum could lead to a correction towards key support levels.

Shiba Inu RSI dips after hitting 76

Shiba Inu’s Relative Strength Index (RSI) is currently at 60.8, recovering from a low of 56 on January 5 after peaking at 76 on January 3. The RSI is a momentum indicator that measures the speed and magnitude of price movements on a scale of 0 to 100.