Shiba Inu Coin Breaks Through $0.000008, But Is Overbought

Coinidol.com reports that the price of the Shiba Inu (SHIB) coin has remained almost unchanged since the price plunged on June 10.

Shiba Inu (SHIB) Price Long Term Prediction: Ranging

For the previous month, the SHIB created a range bound move between price levels of $0.00000650 and $0.00000800. The range bound values have not been reached yet. Buyers are currently trying to keep the price above the threshold of $0.00000800.

The moving average lines have already been crossed by the cryptocurrency price. If the buyers maintain the bullish momentum above the high of $0.00000800, the altcoin will reach a high of $0.00001150. 

However, the current advance may continue if the altcoin is rejected at the recent high. Although the bearish momentum has subsided, SHIB/USD is still trading at the bottom of the chart. Shiba Inu (SHIB) Indicator Analysis SHIB is in an upward correction as the Relative Strength Index for period 14 reached 59. 

SHIB the potential to rise as it is trading above the moving average lines and in the bullish trend zone. The uptrend is now above the daily Stochastic value of 80 and the Altcoin has reached the overbought zone.

Technical Indicators

Key resistance levels: $0.000012, $0.000013, $0.000014

Key Support levels: $0.000005, $0.0000045, $0.000004

What is the next move for Shiba Inu (SHIB)?

The cryptocurrency asset has been recovering, but it has been at the bottom of the chart for the past month. Buyers failed to sustain the bullish momentum above the $0.00000800 barrier. 

Bulls broke through the resistance level on June 22, but came under selling pressure at the $0.00000850 high. Since then, SHIB has returned to the fluctuation range.

Just a week ago, Coinidol.com reported that the Shiba Inu coin rallied but pushed back twice. On July 7, 2023, SHIB was trading at $0.00000727.

Disclaimer. This analysis and forecast are the personal opinions of the author and are not a recommendation to buy or sell cryptocurrency and should not be viewed as an endorsement by CoinIdol.com. Readers should do their own research before investing in funds.