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

SHIB is giving hints it wants to go higher, so let’s have a quick look at a few reasons why and what may rest ahead.

Key Support levels: $0.000022

Key Resistance levels: $0.000025

1. SHIB Eyeing the Key Resistance

With the price holding well above the support at $0.000022, buyers appear keen to test the key resistance at $0.000025. The previous attempt in early May was rejected, but a second one could be successful, considering that momentum may be shifting bullish.

2. Buyers are Returning

SHIB’s price increased by over 5% today on good buy volume. The last time this happened was when this meme coin tried to break the key resistance in early May. This is a promising sign and could lead to a breakout.

3. MACD is Curving Up

The 2-day MACD histogram is making higher lows, and the moving averages could soon curve up toward a bullish cross. In lower timeframes, this has already happened after this latest push from buyers. If this trend continues, then SHIB could break above $0.000025.