Shiba Inu Picks Up Momentum But Struggles To Top $0.00001050

Cryptocurrency price analysis brought by Coinidol.com. The price of Shiba Inu (SHIB) has regained positive momentum after breaking above the $0.00000850 resistance level.

Shiba Inu price long-term forecast: bullish

Bullish momentum is expected to extend to previous highs. At the time of writing, the altcoin was trading at $0.00000976. Nonetheless, the price indication forecasts a further rise to a high of $0.00001200.

On the contrary, the bullish scenario might become obsolete as the market is approaching the overbought region. Sellers will emerge in the overbought region and drive prices lower. Positive momentum has set in today as the altcoin returns to its previous highs. A break above the $0.00001050 resistance level will signal the start of a new uptrend.

Shiba Inu indicator analysis

SHIB‘s recent comeback has pushed the Relative Strength Index for the 14 period to 71. The altcoin is in an overbought condition and could fall if sellers emerge. The cryptocurrency is climbing after a return above the moving average lines. As long as the price bars are above the moving average lines, the altcoin remains positive. The altcoin is in an uptrend above the Stochastic daily threshold of 65.

Technical Indicators

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

Key support levels: $0.00000500, $0.00000450, $0.00000400

What is the next move for Shiba Inu?

SHIB/USD is now in an uptrend. SHIB has pulled back above the $0.00000950 support level and resumed its uptrend. A retraced candle tested the 61.8% Fibonacci retracement line of the August 5 rally. The retracement suggests that SHIB will rise to the 1.618 Fibonacci extension or $0.00001196. Buyers will have to work hard to break through resistance at $0.00001050 for the current rally to continue.

On Jul 30, 2023 cryptocurrency analytics specialists of Coinidol.com stated that the price of SHIB has broken through the moving average lines but is rejected at the recent high. On the upside, the barrier at $0.00000850 has stopped the upward movement three times. 

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 research before investing in funds.

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• Source: https://coinidol.com/shiba-inu-picks-up-momentum/