SHIB Eyes 15% increase if the bulls keep the momentum going

SHIB rose today after 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 has tested the $0.000012 support. So far, buyers are looking to return to these levels and the price has turned positive today. If this momentum intensifies as the week progresses, a test of the key resistance at $0.000014 seems likely.

TradingView Chart 2. Bullish momentum returns

The price has been consolidating at these levels, which is giving time for the momentum indicators to turn bullish. For example, the daily period MACD histogram is making higher lows and a bullish cross appears imminent if buyers persist.

TradingView Chart 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 its moving average, which is a bullish signal. If this continues with a break above key resistance, SHIB could rally again.

Chart by TradingView

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