New Shiba Inu (SHIB) Bull Run Possible but Under an Important Condition: Details

The market opened today in green and SHIB is keen to break higher.

Key Support levels: $0.000011

Key Resistance levels: $0.000014

1. SHIB Turns Bullish

After a long consolidation in August, SHIB appears to have found a bottom and is ready to explore higher levels. The support at $0.000011 held well and now bulls are putting pressure on the key resistance at $0.000014. If broken, a new rally could commence.

Chart by TradingView

2. Downtrend About to End?

If buyers return here, then SHIB could put an end to this downtrend that has lasted for months. To achieve that, it is critical for this meme coin to turn the $0.000014 level into support. Based on the price action, this week appears decisive on where SHIB will go next.

Chart by TradingView

 

3. Bullish Momentum Returns

The daily MACD turned bullish last week and now the two-day MACD did the same. This shows that buyers are starting to have the upper hand, and as long as this momentum continues, they could take SHIB into a sustained uptrend.

Chart by TradingView

For more updates on the ecosystem, make sure to check out our Shibarium news.

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