After reaching the golden ratio support, Shiba Inu (SHIB) experienced a bullish bounce. How far the price might rise from here depends on factors such as market sentiment, investor behavior, and overall cryptocurrency market conditions.

While the bounce is positive, it’s essential to consider potential resistance levels and monitor market dynamics to assess whether Shiba Inu is back in an uptrend.

Shiba Inu Correction: Price Reaches $0.00002 Golden Ratio

Additionally, the neutral stance of the Relative Strength Index (RSI) indicates a balanced market sentiment, providing room for potential bullish continuation.

However, monitoring the price action closely for confirmation of sustained bullish momentum and to watch for any potential resistance levels ahead is essential.

SHIB Soars: Price Jumps Over 54% Recently

The 54% rise following the bounce off the Golden Ratio support is significant and indicates strong buying pressure in the Shiba Inu market. Despite the downward trend in the MACD histogram on the weekly chart, the fact that the MACD lines remain bullishly crossed suggests that there may still be underlying bullish momentum.

Read More: How To Buy Shiba Inu (SHIB) and Everything You Need To Know

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Author: Ryan James

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