SHIB has been rising rapidly recently. Can it continue to rise?
Shiba Inu Coin [SHIB] has been rising rapidly recently, and the price has exceeded the 20-day, 50-day and 200-day moving averages.
SHIB is now selling for about $0.0000182, up 2.18% in the past 24 hours.
SHIB has recently broken through several moving averages, indicating that the price increase has resumed.
The breakthrough of the symmetrical triangle also laid the foundation for buyers to push to the resistance level of $0.0000182. Now this price is the key hurdle for SHIB to continue to rise in price.
If it can be closed steadily at this price, SHIB may rise to the resistance level of $0.0000206 in the next few days. At that time, the sellers may come out to make trouble and let the price fluctuate back and forth.
In this case, the price may fluctuate between $0.0000206 and $0.0000182.
If it goes down, the moving average is support, and if SHIB pulls back, this can support SHIB.
The RSI indicator is well above the middle line, indicating that the upward momentum of the price is strong. If the closing price is above the 60-61 area, SHIB may continue to rise, but it may fall from the overbought zone later.
It is worth mentioning that the 24-hour long-short ratio of this meme coin is 1.0462, which is slightly biased towards the buyer. Binance and OKX have a long-short ratio of 1.0462 and 2.43 respectively.
This proves the buyer's advantage again, indicating that traders are looking forward to further price increases.
SHIB's trading volume also increased by 54.32% to $145.1 million, which is definitely good news considering the daily price changes. Open interest also increased by 13.15%, indicating that traders are building new positions and may be looking forward to another wave of increases in the short term.
The liquidation data also shows that the short liquidation volume is high, indicating that the shorts are squeezed. This also shows that the buyer's sentiment has risen, which may cause SHIB to rise again in the short term.
Therefore, if the closing price can be higher than the resistance level of $0.0000182, SHIB may rise again, and the next target is $0.0000206.
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