Shiba Inu Reaches The Overbought Zone At A High Of $0.00001100

Aug 12, 2023 at 13:11 // Price
Coin Idol
SHIB is in an uptrend

Cryptocurrency analysts of report, Shiba Inu (SHIB) prices are rising and have been doing so since June 14.

Shiba Inu price long term forecast: bullish

Today's high for the cryptocurrency asset is $0.00001071. The bulls are likely to break the $0.00001043 resistance level. The price indication also suggests that the cryptocurrency will continue to rise.

A retraced candlestick at the August 5 rally tested the 61.8% Fibonacci retracement level. The retracement suggests that SHIB will rise to the 1.618 Fibonacci extension or $0.00001254. On the other hand, SHIB is trading in the overbought zone of the market. The current rise could meet resistance at the recent high. However, in a strongly rising market, the overbought condition might not last.

Shiba Inu indicator analysis

The rising movement of SHIB has brought the Relative Strength Index for the period 14 to the value of 73. The market is currently overbought. Further upward movement of the altcoin is speculative as it is approaching the overbought region. The price bars are significantly higher than the moving average lines, which indicates an uptrend. The altcoin is trading above the daily stochastic level of 80, which indicates that SHIB is in the overbought zone.

SHIBUSD_(Daily Chart) – AUG. 12.23.jpg

Technical Indicators

Key resistance levels: $0.00001200, $0.00001300, $0.00001400

Key support levels: $0.00000600, $0.00000550, $0.00000450

What is the next move for Shiba Inu?

SHIB/USD is encountering bullish exhaustion as the altcoin enters the overbought zone. On the 4-hour chart, the coin is in an uptrend after reaching the resistance at $0.00001100. If the cryptocurrency cannot overcome the barrier at $0.00001100, it will fall.

SHIBUSD_(4 Hour Chart) – AUG.12.23.jpg

As we reported on August 06, bullish momentum is expected to extend to previous highs. At the time of writing, the altcoin was trading at $0.00000976. 

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 Readers should do their research before investing in funds.

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