SHIBUSDT price has climbed by 7%, reaching $0.00001198 at the time of writing. This upward movement has allowed SHIB to escape a two-month-long downtrend, signaling a potential shift in market sentiment.SHIB's technical indicators are showing signs of bullish momentum. The Relative Strength Index (RSI) is inching toward the positive zone, moving above the neutral mark of 50.0 for the first time in over a month and a half. An RSI above 50.0 typically signals growing bullish strength, suggesting that market sentiment is improving.
Thus, if the bullish momentum prevails, SHIB’s price could rise to the resistance level of $0.00001252. A breach of this level would open the door for further gains, pushing SHIB towards $0.00001344, thus invalidating the bearish thesis and potentially extending the bullish trend.
However, if SHIB faces overvaluation, a further rally may be unlikely. Depending on how the market adjusts, SHIB could consolidate between $0.00001188 and $0.00001141 or fall further to $0.00001059.
Read More - SHIB Overvaluation Could Undo Shiba Inu's Escape from 2-Month Downtrend
Aaryamann Shrivastava | On-Chain Analyst
BeInCrypto
BeInCrypto
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Aaryamann Shrivastava | On-Chain Analyst
BeInCrypto
BeInCrypto
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.