Shiba Inu (SHIB) is among the best performing cryptocurrencies of the past month. Despite this strong performance, analysts believe there is still room for further price increases.

This optimism is largely based on a technical indicator called the Moving Average Convergence Divergence (MACD), which is currently sending a bullish signal. According to technical analysts, this could mean that SHIB’s share price could potentially rise to $0.000037.

MACD Indicator signals bullish trend for SHIB

Currently, Shiba Inu (SHIB) is testing a crucial support level at the price of $0.000027. If SHIB manages to maintain this price, it could provide the basis for a recovery and a possible break of the resistance level at $0.00003.

Analysts draw confirmation for this positive outlook from the Moving Average Convergence Divergence (MACD) indicator, a tool used to predict short-term price movements.

Recently, this indicator has shifted into positive territory, which has been interpreted in the past 24 hours as a signal of an impending short-term rally.

Shiba inu price could increase by 37%

Besides the MACD indicator, other technical tools also point to a bullish scenario for Shiba Inu (SHIB). Specifically, the Relative Strength Index (RSI) and the Commodity Channel Index (CCI) offer perspectives on market dynamics. These indicators are useful in determining whether a market is overheating.

At the moment, both suggest that the SHIB market is far from overheated, implying that there is potential for the Shiba Inu price to rise further. Analysts have set a price target of $0.000037 for SHIB, which would represent an upside of 37% from the current price.

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