Shiba Inu Enters Strong Bullish Uptrend, Market Shows Renewed Strength
- Shiba Inu shifted from a low-volatility consolidation phase into a strong bullish uptrend, signaling renewed market interest and strength.
- Trading at $0.00001578, SHIB gained 5.77% daily and 19.48% weekly, backed by increasing volume and momentum.
- Bullish candles broke resistance with minimal pullbacks, though upper wicks now suggest potential selling pressure near key resistance zones.
- RSI indicates overbought territory, and MACD confirms bullish momentum, but caution is advised due to possible short-term corrections.
The last price action in Shiba Inu (SHIB) displays a significant shift from a period of consolidation and calm fall into a strong rally. The price first moved sideways in low volatility mode, pointing towards indecision within the market and lowered momentum.
Shiba Inu is currently trading at $0.00001578 with a 24h volume of $528.07 million and a market capitalization of $9.3 billion. The token has risen 5.77% in the last 24 hours and 19.48% in the last week, showing significant bullish pressure and room for growth.
But soon thereafter, that changed as a sudden upward burst set in, which was highlighted by a series of consecutive green candlesticks. The rally was also boosted by a sharp increase in volume of trading, reflecting heavy buying activity and confirming the positive momentum.
SHIBA INU Price Breaks Resistance Levels
The price continued to increase consistently, breaking through previous resistance levels and exhibiting minimal pullback signs. On the latest candles, we see hints of hesitation around a major resistance point in the form of upper wicks, which indicate that sellers are making some interventions.
Regardless of this, overall momentum is in favor, and volume support implies that it can go on if breaking through the resistance.
This chart provides a technical analysis of SHIB on a 4-hour chart based on some of its most important indicators, including Bollinger Bands, VWMA, RSI, and MACD.
The SHIB price is in a solid uptrend as it sits far above both the Volume-Weighted Moving Average (VWMA) and the mid-band of the Bollinger Bands. The candles are clinging to the upper band, which is a sign of strong bullish pressure. On the other hand, it indicates that the asset can possibly breach into overbought conditions.
MACD Confirms SHIB Upward Momentum
The Relative Strength Index is about 78 right now, far higher than its 70 overbought level. This suggests that in the short run, the asset can be considered overbought and may need a pullback or consolidation.
The MACD indicates a bullish crossover since the MACD line is far ahead of its signal line and features rising histogram bars. This confirms a continuation of rising momentum in the short term.
All in all, SHIB is having a strong bullish run fueled by momentum indicators. Yet overbought RSI and steep price extension are in place, warning that initial profit-taking or sideways movement can occur before higher moves. Risk management is warranted if one enters here.
Related Reading | Trump-Linked USD1 Stablecoin Sees $2.12 Billion Market Cap on BNB Chain.
Read more: https://www.tronweekly.com/shibainu-enters-strong-bullish-uptrend-market/
Text source: TronWeekly
