The cryptocurrency Shiba Inu (SHIB) has experienced a surge of nearly 14% in the past week, bringing its market cap to $14 billion and solidifying its position as the second-largest meme coin after Dogecoin (DOGE). However, while the recent rally indicates strength, the Relative Strength Index (RSI) suggests a moderate bullish phase, leaving room for additional gains if momentum continues to build. The Average Directional Index (ADX) shows that SHIB is still in an uptrend but weakening as selling pressure increases. A potential golden cross could drive SHIB to test resistance levels for further upside, but losing momentum could lead to a correction towards key support levels. Overall, the RSI and ADX indicators suggest potential short-term gains if buying pressure increases, but a reversal could occur if selling pressure continues to grow. The EMA lines also indicate the possibility of a golden cross, which could reignite buying momentum and allow SHIB to test resistance levels. However, if the golden cross fails and the trend reverses, SHIB could face downside risks and potential significant price corrections.



Other News from Today