Why is the price of Shiba Inu (SHIB) going up this week?

SHIB managed to stop the downtrend this week. SHIB’s price has been rising over the course of seven days, so let’s take a quick look at some of the reasons why and what you can expect.

Key support levels: $0.000022

Key resistance levels: $0.000025

1. SHIB is holding below key resistance

Despite an onslaught by sellers, SHIB continues to hold and move sideways below the key resistance at $0.0000025. The price made a higher low and now seems determined to hold. If sellers push again, this meme coin has good support at $0.000022.

TradingView Chart 2. Momentum shows indecision

Momentum indicators are being reversed, which shows some indecision on the part of market participants. Neither the bulls nor the bears seem to have the upper hand at the moment. However, this probably won’t last long.

TradingView chart 3. MACD is flat

The daily MACD is flat, with the histogram hugging the zero level. Moving averages also move without a clear direction. It is important to wait and see what kind of trend will form to determine price direction.

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