Shiba Inu (SHIB) continues to show signs of growth, rising by 6% and trading around $0.0000145. Analyzing the current market situation and charts indicates potential further movements.
Current Market Situation
The overall crypto market is currently bullish. Ethereum has surpassed key resistance levels, positively impacting secondary altcoins like SHIB.
SHIB Chart Analysis
On the daily chart, SHIB has broken out of the sideways range it was in during June and early July. This range, between $0.0000135 and $0.0000140, held the price down, but now SHIB has moved above it and is heading toward the 200-day moving average at $0.00001467. These levels become significant indicators of long-term trends. If SHIB can break above and hold this level, it may confirm a trend reversal.
SHIB Price Prediction
If SHIB can close above the 200-day moving average, we might see a move toward $0.0000158, which would be the next resistance zone. However, if SHIB fails to break through the 200-day and begins to pull back, it is essential to watch the $0.0000135 level, which must hold as support.
So far, things look good for SHIB in the short term. The chart has improved, momentum is strong, and the market environment is supportive. If these conditions hold, SHIB could continue its upward push.
