Why is the Shiba Inu (SHIB) Price Up Today?

After a long correction, SHIB is giving clear signs it wants to go higher.

Key Support levels: $0.000025 

Key Resistance levels: $0.000030

1. SHIB Making Higher Highs

In late May, SHIB made a higher high and a lower high in early June. This signals that an uptrend might be about to start. This would not be surprising, considering other meme coins like PEPE have been breaking new records. If buyers keep this momentum, the resistance at $0.000030 is the current target.

SHIBUSDT_2024-06-05_17-18-56
Chart by TradingView

2. Buyers Hold Strong

The price found good support at $0.000025 even when the sellers tried to break below it. As long as this key level holds, buyers have the upper hand. The momentum is also turning bullish, which puts sellers on the defensive.

SHIBUSDT_2024-06-05_17-20-17
Chart by TradingView

3. Bullish Momentum Picking Up

June could be the month when SHIB finally returns to the spotlight. After a long consolidation in April and May, the momentum indicators show that buyers are back. For example, the MACD histogram on the 3-day timeframe shows clear higher lows. A bullish cross appears close and would confirm this bias.

SHIBUSDT_2024-06-05_17-19-48
Chart by TradingView

The post Why is the Shiba Inu (SHIB) Price Up Today? appeared first on CryptoPotato.

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