SHIB Price Analysis: Bears Are Driven Back by a 12+% Price Surge in SHIB Market

After a period of indecision during which bears and bulls wrestled for control, Shiba Inu (SHIB) bulls have just captured the market. As a consequence of the gains made by the bulls, the price of SHIB climbed to a new 90-day high of $0.00001457 during the trading session. At the time of writing, the price has risen 12.13% to $0.00001381, a result of the bullish dominance.

SHIB’s bull run is supported by a rise in market capitalization and 24-hour trading volume of 11.16 % to $7.585,874,251 and 89.82 % to $1.085,241,973, respectively. This spike in SHIB’s market value and 24-hour trading volume indicates that buyers are confident in the stock’s upward trajectory and are prepared to back it up.

SHIB/USD 24-hour price chart (source: CoinMarketCap)

Since the SMI Ergodic Indicator (SMII) has remained above its signal line at 0.5278, indicating that bullish momentum is still strong, the price of SHIB might continue rising.

The market is presently in a positive trend and is anticipated to continue increasing as the Smoothed Moving Average (SMMA) line has been slowly advancing for some time, now reading 0.00001276.

The MACD blue line soars over the signal line with a value of 0.00000041, forecasting prolonged positive sentiment. The bullish trend continues to be supported by the histogram’s favorable direction. Because of this, prices will likely go up soon because the market has a lot of momentum in the correct order.

SHIB/USD 4-hour price chart (source: TradingView)

The SHIB/USD price chart shows a bullish crossover as the short-term MA crosses above the long-term MA. The 20-day MA crosses at 0.00001230, while the 100-day MA touches at 0.00001186, confirming the bullish crossover. This crossover gives a strong buy signal for SHIB/USD, as the shorter-term MA crossing over the longer-term MA denotes increased momentum. Since the short-term MA moves faster than the long-term MA, it indicates a more current value of SHIB/USD expectations to rise further. This bullish crossing is a good development for investors eager for an entry point into the SHIB/USD market.

SHIB/USD 4-hour price chart (source: TradingView)

SHIB bulls need to sustain their dominance even after establishing a new 90-day high and break and stay above the present level of resistance.

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