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

SHIB finally woke up after a 15% bounce on the weekly chart.

Key support levels: $0.000018

Key resistance levels: $0.000025

1. SHIB bounces off the key holder

In line with most of the market, SHIB rebounded strongly from support at $0.000014 and rallied above $0.000018, which is the current support. If this key level holds, SHIB buyers could target $0.000025 as the next target.

Chart by TradingView 2. Volume remains low

Despite the strong push in touches since early July, buying volume remains low. This is a sign of weakness and can open the door for sellers to return as the price rises. Buyers need to show more conviction to improve their confidence in this price action.

TradingView Chart 3. MACD Bullish Cross

The two-day MACD made a bullish cross and signaled that this correction was over. If SHIB were to bottom out around $0.000014, then buyers could see this meme coin rise in the coming weeks to challenge the resistance at $0.000028.

Chart by TradingView

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