---
title: "Why is the Shiba Inu (SHIB) Price Up Today?"
url: https://diffcoin.com/why-is-the-shiba-inu-shib-price-up-today/
description: "Shiba Inu started a major rally last week and this week it seems keen to continue. In the following, we take a look at a few technical indicators that"
published: 2024-03-04
updated: 2024-03-04
author: "Mila"
site: "Diffcoin"
---

# Why is the Shiba Inu (SHIB) Price Up Today?

Shiba Inu started a major rally last week and this week it seems keen to continue. In the following, we take a look at a few technical indicators that might provide some insights into why SHIB’s price is up today.

**Key Support levels: $0.000025**

**Key Resistance levels: $0.000037**

## 1. Major Rally in Progress

After more than a year of sideways price action, SHIB has finally returned to the spotlight with a massive rally that started at the end of February. Since then, the price tripled and appears determined to go higher as seen on the below chart.

![SHIBUSDT_2024-03-04_17-25-34](data:image/svg+xml;base64,PHN2ZyB4bWxucz0iaHR0cDovL3d3dy53My5vcmcvMjAwMC9zdmciIHZpZXdCb3g9IjAgMCAyNDM3IDExODkiIHdpZHRoPSIyNDM3IiBoZWlnaHQ9IjExODkiIGRhdGEtdT0iaHR0cHMlM0ElMkYlMkZjcnlwdG9wb3RhdG8uY29tJTJGd3AtY29udGVudCUyRnVwbG9hZHMlMkYyMDI0JTJGMDMlMkZTSElCVVNEVF8yMDI0LTAzLTA0XzE3LTI1LTM0LnBuZyIgZGF0YS13PSIyNDM3IiBkYXRhLWg9IjExODkiIGRhdGEtYmlwPSIiPjwvc3ZnPg==)

Chart by TradingView

## 2. Breakout at Key Resistance

The resistance at $0.000025 did not last and soon turned into a key support. This opens the way for SHIB to continue towards its current target at $0.000037. That’s “only” a 37% price increase from current levels.

![SHIBUSDT_2024-03-04_17-26-03](data:image/svg+xml;base64,PHN2ZyB4bWxucz0iaHR0cDovL3d3dy53My5vcmcvMjAwMC9zdmciIHZpZXdCb3g9IjAgMCAyNDM3IDExODciIHdpZHRoPSIyNDM3IiBoZWlnaHQ9IjExODciIGRhdGEtdT0iaHR0cHMlM0ElMkYlMkZjcnlwdG9wb3RhdG8uY29tJTJGd3AtY29udGVudCUyRnVwbG9hZHMlMkYyMDI0JTJGMDMlMkZTSElCVVNEVF8yMDI0LTAzLTA0XzE3LTI2LTAzLnBuZyIgZGF0YS13PSIyNDM3IiBkYXRhLWg9IjExODciIGRhdGEtYmlwPSIiPjwvc3ZnPg==)

Chart by TradingView

## 3. RSI at Historic Levels

While the price action remains bullish, the weekly RSI is at a historic level. It hovers at over 87 points, higher than the all-time high from October 2021. We need to be patient and see if this is a top signal or only the beginning.

![SHIBUSDT_2024-03-04_17-27-10](data:image/svg+xml;base64,PHN2ZyB4bWxucz0iaHR0cDovL3d3dy53My5vcmcvMjAwMC9zdmciIHZpZXdCb3g9IjAgMCAyNDM3IDExODkiIHdpZHRoPSIyNDM3IiBoZWlnaHQ9IjExODkiIGRhdGEtdT0iaHR0cHMlM0ElMkYlMkZjcnlwdG9wb3RhdG8uY29tJTJGd3AtY29udGVudCUyRnVwbG9hZHMlMkYyMDI0JTJGMDMlMkZTSElCVVNEVF8yMDI0LTAzLTA0XzE3LTI3LTEwLnBuZyIgZGF0YS13PSIyNDM3IiBkYXRhLWg9IjExODkiIGRhdGEtYmlwPSIiPjwvc3ZnPg==)

Chart by TradingView

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[Source link](https://cryptopotato.com/why-is-the-shiba-inu-shib-price-up-today-2/)