SHIB Rebalances at $0.000008314 as Bulls Recharge Their Momentum

• SHIB price analysis has been predominantly bullish today, with the token rising from a low of $0.000008274 to a high of 0.000008314 mark.
• It is possible for the Shiba Inu price to test the next resistance at the $0.000008338 level.
• SHIB/USD now seems to be entering a range after the correction.

The Shiba Inu price analysis is going bullish for today as it reveals that the price has been following an upward movement today, as the bulls have constantly been striving for the lead. Bulls have finally dodged the ongoing bearish trend as the coin was on the decline previously. Still, bulls succeeded in taking control after the steep correction observed earlier today, and the price has increased up to the $0.000008314 level as a result of the continuous efforts. Further increase in price is to be expected in the approaching hours as well.

The 24-hour SHIB chart shows that the price has been following an increasing trend for today. Although the trend was in favor of bears previously, now the circumstances have changed, and the overall trends have been in favor of the buyers. A significant increase in SHIB/USD value has been recorded in the last few hours, as well as the price has gained a massive 0.21% surge in value during the same time interval.

The price is currently trading at a resistance level of $0.000008338, and if the bulls can keep up their momentum, then the price might break this level and surge even higher, while the support for SHIB/USD is currently observed at the $0.000008308 mark and if the bears take control, then the price might drop back down to this level.

Looking at the technical indicator, the MACD line is now in the bullish zone, which shows that the price may remain consistent in its upward trajectory. The Stochastic RSI also remains in the bullish zone and is indicating a further increase in price.

The hourly SHIB shows that a considerable increase in price has been also observed during the last 4 hours. The price breakout was downwards, but it started to recover again and, as a result, kept on increasing in price. However, selling pressure is forming again, and the price is currently correcting but at a controlled pace, settling at the $0.000008314 level.

The MACD is in the bullish zone, and the Stochastic RSI is also indicating an upwards momentum for SHIB/USD. The moving average (MA) is relatively at a stable position at around $0.000008 level.

The overall sentiment for SHIB/USD shows that bulls are in control and the price is likely to continue its upward momentum in the upcoming hours. It will be interesting to see if the bulls can break through the resistance level of $0.000008338.

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