Price of Shiba Inu Surges by 50% in a Week, Bullish Sentiments are Strong

So far, the growth recorded by Shiba Inu (SHIB) has been phenomenal in a single week. The second-largest digital asset seems to have recorded a 50% surge in the past 7-days.

Even though SHIB has demonstrated a strong bullish run in a week, things are going to get much more challenging for the digital asset. The analysts now predict that in the upcoming days, the bears may pose a strong challenge to the bulls.

The bulls will need to form strong buying rallies in order to break through the strong resistances set by the bears.

The Support and Resistance Levels for SHIB

For now, the analysts have shared the bearish and bullish sentiments of the investors. They have also shared the expectations and the checkpoints for the support and the resistance levels for SHIB.

The bearish sentiments suggest that the first key support level for SHIB will be at $0.000010. If the price of SHIB reaches this point, the bulls may launch a strong bullish attack to push the bears back.

If their efforts go in vain, then the bears will have the ball in their court. They may try and apply more pressure on selling, which may attempt to bring the trading price of SHIB down to $0.000008. It is the second key support level for SHIB.

On the other hand, the first key resistance level for SHIB is $0.000012. However, the bears are ready to give them a tough time and challenge the bulls before they let them hit the mark.

If the bears are not able to form a strong resistance, then the bulls may increase their rally power. This will help push the trading price of SHIB up to the first key resistance level of $0.000012.

Once again, the bulls will have to keep pouring in more money and acquire more SHIB. This would allow them to push the trading price of Shiba Inu close to the second key resistance level of $0.000014.

Technical Indications for SHIB

The trading volume graph for SHIB shows that it was high in the past couple of days. However, as the new week has begun, the trading volume has been pulled to a lower figure.

Despite having low trading volume, for now, the RSI seems to be supporting the bullish move as it currently resides at 60 points. It is still signs of moving higher, providing assurance to the investors eager to support the bullish trend.

For now, the general biasness of the investors is with the short-term bullish run. This means that if the investors keep on buying SHIB, then its price may be able to hit the resistance levels in the due course.