SHIB is up today after the key support defended the price.
Key Support levels: $0.000012
Key Resistance levels: $0.000014
1. SHIB Finds Support
This is the second time SHIB tested the $0.000012 support. So far, buyers look keen to return at these levels and the price turned positive today. If this momentum intensifies as the week progresses, a test of the key resistance at $0.000014 seems likely.
2. Bullish Momentum is Returning
The price has been consolidating at these levels which is giving time for the momentum indicators to turn bullish. For example, the MACD histogram on the daily timeframe is making higher lows and a bullish cross appears imminent if buyers persist.
3. The RSI Is Making Higher Lows
Since the drop in early August, the daily RSI has been making higher lows. Most recently, the RSI has crossed above its moving average which is a bullish signal. If this continues with a breakout above the key resistance, SHIB could rally again.
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