You might like: What is Shiba INU ($SHIB)?

We are evaluating the chart formation by Shiba Inu, market trends, trading volume, and possible future moves. SHIB seems to be about to complete a double bottom formation on the daily chart. It is currently at the neckline and if it can break this line upwards and close above it, an uptrend may begin. However, we have an order block at the 0.011 level just above the neckline, and this is an important resistance point. This point may create some difficulties for SHIB and we may expect a small horizontal movement. If it manages to overcome this area, it can easily rise to the already targeted 0.014 level.

The MACD indicator is currently in a positive state and supportive of the rise. If the neckline is broken, we may start to see green volume blocks on the MACD indicator. Also, it currently seems to be in the volume accumulation phase.

The RSI indicator is also in a positive state and has managed to jump above the 70 level. Thus, our indicator, which is going from the rise to the descent, is in a state that will fully support the upward movement in the region.

Shiba Inu (SHIB) Market Data

Market Value: $6.03 billion (1.87% increase, ranking: #16)

Daily Trading Volume: $466.34 million (55.81% increase, ranking: #20)

Trading Volume / Market Value (24s): %7.73

Circulating Supply: 589.35 trillion SHIB

Total Supply: 589.59 trillion SHIB

Full Market Value: $6.03 billion

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