$SHIB Price Climbs to 30-Day High, Eyes More Gains - BeinCrypto Analytics

As assessed on a daily chart, some of Shiba Inu’s key technical indicators confirm the possibility of a sustained rally. 

Its Moving Average Convergence/Divergence (MACD), which tracks an asset’s price trends and measures momentum, suggests a steady rise in the bullish sentiment trailing SHIB.

Since July 5, SHIB’s MACD line (blue) has rested above the signal line (orange) and has trended toward the zero line in an attempt to breach it. When an asset’s MACD line crosses its signal line and is headed toward its zero line, it signifies a significant shift in market momentum from bearish to bullish. 

If SHIB successfully crosses the zero line, the current bullish trend will be confirmed, potentially attracting more buyers and driving its price higher.

Further, readings from SHIB’s Elder-Ray index show that bull power is currently dominant. At press time, the indicator’s value is 0.0000036. It has returned only positive values since July 13.

The indicator measures the relationship between the strength of an asset’s buyers and sellers. When its value is positive, it means that bullish strength outweighs bearish efforts in the market.