The Moving Average Convergence Divergence (MACD) is also in a bullish position, staying above the signal line, which adds to the positive outlook. Furthermore, the Chaikin Money Flow (CMF) is at 0.17, suggesting healthy buying pressure in the market.
As $SHIB breaks out of its consolidation phase, it faces a strong resistance level at $0.0000155, with a crucial; support level at $0.00001495. A successful move beyond the resistance at $0.00001699 could propel SHIB towards $0.00001932 and $0.0000254; further gains are possible if the upward momentum continues.
However, despite the current bullish sentiment, SHIBâs momentum could wane without a significant influx of market activity. Trading volume is essential for sustaining price movements; if it doesnât rise, SHIB may see a reversal. On the downside, if SHIB fails to hold above the 50 EMA, it could revert to its previous bearish trend, with bottom support levels around $0.00001395, where buying interest has previously emerged during sell-offs.