Why is the Shiba Inu (SHIB) Price Up this Week?

SHIB managed to stop the downtrend this week. The SHIB price has been increasing throughout the seven days, 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 Holds Under Key Resistance

Despite an assault from sellers, SHIB continues to hold and move sideways under the key resistance at $0.0000025. The price made a higher low and now appears determined to stand its ground. Should sellers push again, this meme coin has good support at $0.000022.

2. Momentum Shows Indecision

The momentum indicators are turning flat, which shows some indecision from market participants. Neither bulls nor bears seem to have the upper hand right now. However, this is probably not going to last long.

3. MACD Is Flat

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

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