- SHIB price surges post-upgrade despite facing resistance.
- Overbought signals hint at a possible SHIB pullback.
- Rising trading volume and RSI momentum suggest SHIB’s bullish potential.
Shiba Inu (SHIB) market has enjoyed bullish momentum after Shibarium’s fourth upgrade on August 22, with bulls taking the upper hand. However, early in the day, bullish strength faded, resulting in a negative plunge to a 24-hour low of $0.000007744 before support reemerged. However, buyers battled back and wiped out the negative trend, sending the SHIB price soaring to an intraday high of $0.000008279 before encountering resistance.
The bulls were still in charge of the Shiba Inu (SHIB) market at press time, resulting in a 3.60% gain from the 24-hour low to $0.000008222. A break over the $0.000008279 resistance level might establish SHIB’s next target at $0.0000085 while failing to do so could result in a retest of support at $0.0000078.
SHIB’s market capitalization climbed by 3.05% to $4.85 billion, while its 24-hour trading volume increased by 6.70% to $192.98 million, displaying rising market optimism. This increase in market capitalization and trading volume reflects increased investor interest in SHIB and implies that the trend may continue.
SHIB/USD price chart (source: CoinMarketCap)
The Stochastic RSI level of 100 indicates that SHIB is currently overbought, suggesting the possibility of a short-term pullback or consolidation. The high stochastic RSI reading suggests that traders who joined the market during the recent rally may be taking profits. New investors may join the market at a cheaper price point if this correction transpires.
With a score of 0.10, the Chaikin Money Flow (CMF) indicator indicates buying pressure in the market for SHIB. This pattern suggests a more robust demand for SHIB, which might lead to a rise in its price. Furthermore, the positive CMF rating may entice more investors and traders to view SHIB as a possible investment opportunity.
SHIB/USD price chart (Source: TradingView)
The Relative Strength Index (RSI) is 51 and trending higher, showing that SHIB is now in a neutral to slightly bullish position, adding to the bull rally potential. This RSI level indicates that the price of SHIB has the potential to rise higher. If the RSI value exceeds 70, it may imply that SHIB is getting overbought and that a correction is impending.
However, the SHIB’s Money Flow Index rating of 50.43 and trending downward shows that the positive momentum may be fading. A falling Money Flow Index suggests that there is selling pressure in the market, which might lead to a drop in the price of SHIB. This trend urges investors to establish adequate stop-loss levels to safeguard against possible losses in the case of a market slump.
SHIB/USD price chart (source: TradingView)
In summary, SHIB’s bullish momentum from the Shibarium upgrade faces tests as overbought signals suggest a potential pullback ahead.
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