Shiba Inu (SHIB) Uptrend Continues
Shiba Inu (SHIB) has been experiencing an uptrend since it bounced back above the $0.00000670 support level. Currently, the cryptocurrency has reached a high of $0.00001026.
Long-term Bullish Prediction for Shiba Inu Price
The altcoin is approaching its previous high of $0.00001135, which was achieved on August 12. However, due to overbought conditions, SHIB/USD has struggled to move higher. It did drop to a support level above $0.00000670.
Today, SHIB is reaching the historical price level previously seen on August 12. If the bulls can break through this level, the market may rise to a high of $0.00001420. However, if buyers fail to sustain the price above the previous high, the altcoin may fall above the breakout level of $0.00000855. Currently, the altcoin is trading in an overbought zone.
Shiba Inu Indicator Analysis
The price bars of SHIB are above the rising moving average lines, indicating an uptrend. The 21-day SMA serves as a support line for potential rises to previous highs. However, the overbought condition of the asset poses a threat to its rise.
Technical Indicators
Key resistance levels for SHIB are at $0.00001200, $0.00001300, and $0.00001400. On the other hand, key support levels are at $0.00000600, $0.00000550, and $0.00000450.
What’s Next for Shiba Inu?
The cryptocurrency has gained value and returned to the historical price level of August 12. However, it is unlikely that the altcoin will surpass its previous price due to the current overbought market conditions. If the current level is broken, SHIB may rise to the next resistance level at $0.00001200. Otherwise, the market will continue its downtrend.
Hot Take: Shiba Inu’s Uptrend Faces Overbought Conditions
Shiba Inu (SHIB) has been on an uptrend but is currently facing overbought conditions in the market. The altcoin has reached a high point and is approaching its previous historical price level. If the bulls can break through this level, SHIB may continue to rise. However, if buyers fail to sustain the price above the previous high, the altcoin may experience a fall. Technical indicators suggest an uptrend, but caution should be exercised due to overbought conditions. Keep an eye on key support and resistance levels to gauge the next move for Shiba Inu.
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