Momentum Remains Bullish
Shiba Inu (SHIB) is currently displaying a bullish bias on higher timeframes, with the price consistently making higher highs. However, it is likely that there will be a pullback soon, with a re-test of the key support level at $0.0000077.
Volume Falling
The falling volume indicates a high probability of a short pullback. Instead of continuing towards the resistance level at $0.0000084, it is more likely that SHIB will test the key support level in the near future.
RSI Lower High
The daily Relative Strength Index (RSI) has formed a lower high, suggesting that SHIB may have reached a local top. If this is confirmed, it is expected that the price will test the key support level in the coming days.
Bias
The overall bias for SHIB remains bullish.
Short-Term Prediction for SHIB Price
If the key support level at $0.0000077 holds, SHIB has the potential to continue moving higher after the completion of the expected pullback.
Hot Take: Shiba Inu’s Bullish Momentum Expected to Pause
While Shiba Inu has been displaying bullish momentum on higher timeframes, there are indications that a temporary pause may be imminent. Factors such as falling volume and a lower high on the RSI suggest that a pullback and re-test of key support levels are likely in the near future. However, as long as the key support holds, there is still potential for SHIB to resume its upward movement after this correction. Traders and investors should closely monitor price action and key support levels for further insights into SHIB’s short-term trajectory.
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