Cryptocurrency Analysts Report: Shiba Inu (SHIB) Prices Rising
Shiba Inu (SHIB) prices have been on the rise since June 14, with a long-term bullish forecast.
Key Points:
- Today’s high for SHIB is $0.00001071.
- The bulls are likely to break the $0.00001043 resistance level.
- A retraced candlestick at the August 5 rally suggests SHIB will rise to $0.00001254.
- SHIB is currently trading in the overbought zone of the market.
- The altcoin’s rising movement has brought the Relative Strength Index to a value of 73, indicating overbought conditions.
Technical Indicators:
Key resistance levels: $0.00001200, $0.00001300, $0.00001400
Key support levels: $0.00000600, $0.00000550, $0.00000450
Next Move for Shiba Inu:
SHIB/USD is encountering bullish exhaustion as it enters the overbought zone. If it cannot overcome the resistance at $0.00001100, a fall is expected.
As of now, SHIB is trading at $0.00000976.
Hot Take:
With SHIB prices on the rise and bullish momentum expected to continue, it’s an exciting time for crypto investors. However, caution should be exercised due to overbought conditions. Keep a close eye on the resistance levels and be prepared for potential fluctuations in the market.
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