According to CryptoPotato, Shiba Inu (SHIB) has made an impressive recovery this week, with the price rallying and quickly approaching the key resistance at $0.000010. The current support is at $0.0000095. After a difficult start in 2024, SHIB has finally returned to an uptrend, with buyers keen to get exposure.
The Relative Strength Index (RSI) on the daily timeframe has moved above 50 points, putting an end to the downtrend. This change in the price action is also supported by an increased buy volume. This week's price action has made the daily Moving Average Convergence Divergence (MACD) histogram make higher lows, and now a bullish cross appears imminent if bulls maintain the pressure. The only obstacle remains the key resistance.
The bias for SHIB is bullish. In the short term, investors should watch the key resistance at $0.000010. If broken, SHIB could enter a sustained rally with new highs in January.
