Shiba Inu (SHIB) has experienced a 14% surge in price over the past week, bolstering its market value to $14 billion. This surge solidifies SHIB as the second-largest meme coin after Dogecoin, showcasing significant strength in the current market.
Despite the upward trend, SHIB's relative strength index (RSI) has decreased after reaching a peak, suggesting a moderate bullish phase, leaving room for further gains if momentum continues to build.
The Average Directional Index (ADX) indicates that while SHIB remains in an uptrend, weakening selling pressure suggests potential vulnerabilities. If momentum diminishes, SHIB risks facing a correction towards key support levels.
On a more optimistic note, SHIB's moving averages demonstrate a potential golden cross, hinting at a significant price increase. If successful, SHIB could breach its resistance at $0.0000249, aiming for a 23% gain.
Conversely, if the golden cross does not materialize, SHIB could encounter downside pressures, with critical support levels at $0.000022 and subsequently lower, marking potential corrections.
Ultimately, SHIB's trading momentum reflects a balance between potential gains from bullish signals and risks from waning momentum.
