According to the latest analysis by Shiba Inu, the meme coin has turned bullish following a 9% price surge in just 24 hours. It has also formed a support level above $0.000020. According to CoinMarketCap, the total trading volume of the token has increased by 40.29% in the last 24 hours. This is also reflected in the coin’s market cap. The daily candle for Shiba Inu has reached a price of $0.00002659. It also has a daily low of $0.00002534.
The MACD indicator for Shiba Inu has moved above the signal line, which suggests that the bears are still in control. On the other hand, the RSI for the token has reached a value of 49.36, which suggests that the market is still in a bearish mode. The Shiba Inu price analysis indicated that the meme coin might continue to move in the opposite direction if it cannot break above the $0.000034 resistance. The creation of the meme coin caught the attention of investors due to its cute charm and the various personalities that use it. Vitalik Buterin, who was initially believed to be the creator, denied the rumors on June 5, 2021.