The meme-inspired cryptocurrency Shiba Inu (SHIB) is closing the current week on a positive note. The Bollinger Bands indicator signals possible strengthening positions this week.

Using the Bollinger Bands Indicator

The Bollinger Bands indicator, developed by John Bollinger, helps traders analyze price movements within a certain range and make investment decisions. This includes when compressions or expansions occur, as well as when the price moves outside of one of the bands.

Key Levels for Shiba Inu (SHIB)

Despite a 5.84% price loss this week, Shiba Inu managed to position itself above the average of the Bollinger Bands range, indicating buyer strength. If the weekly candle closes above this level, it could be significant support for the token.

Possible Scenarios for SHIB Price

If the SHIB price remains above $0.00001714 on Sunday, further growth to $0.00002456 is possible, representing a 26.5% move. This aligns with last week's correction. In case of a decline, the current lower boundary is at $0.0000098.

While the current Shiba Inu (SHIB) price movement indicates a bullish trend, it is important to remember that these are assumptions and analysis. Traders should pay close attention to further indicator signals.