Shiba Inu (SHIB) bulls have gained control following a week of bearish pressure that saw the price fall until finding support at the 90-day low of $0.000008458 in the past 24 hours. Despite this, the SHIB price has seen a renewed wave of buying, which has sent it to a new 7-day high of $0.000008982, where it has since met some resistance.
The SHIB market continued to be bullish at press time, with a 2.07% gain to $0.000008862.
SHIB’s market capitalization and 24-hour trading volume increased by 2.21% and 153.35%, respectively, as traders jumped into the rally, reaching $5,226,595,361 and $131,529,348.
SHIB/USD 24-hr Price Chart (Source: CoinMarketCap)
The bulging Bollinger bands and increased trading activity in the SHIB market indicate that volatility is increasing. The upper and lower bars contact at $0.00000883 and $0.00000834, respectively, indicating more volatility.
However, after breaking through the upper range, the price movement produced red candlesticks, signalling a possible retreat.
The bullish comeback in Shiba Inu’s price may be losing pace, with a Relative Strength Index (RSI) value of 62.33 and heading downward after being overbought. However, there is still some market momentum since it is over the “50” line.
SHIB/USD 1-hr Chart (Source: TradingView)
With a value of 81.70, the stochastic RSI has just moved below its signal line, indicating that there may be some selling pressure shortly. This action warns investors to be watchful and actively monitor the market.
On the other hand, the Moving Average Convergence Divergence (MACD) motion is in positive territory with a value of 0.00000004, indicating that the market still has some bullish momentum.
This movement and a positive histogram trend suggest that there may be some purchasing chances for those ready to take some risk.
SHIB/USD 1-hr Chart (Source: TradingView)
Shiba Inu (SHIB) price shows bullish momentum, but caution is advised as volatility increases and selling pressure looms. Potential buying opportunities exist for risk-tolerant investors.
Disclaimer: The views, opinions, and information shared in this price prediction are published in good faith. Readers must do their research and due diligence. Any action taken by the reader is strictly at their own risk. Coin Edition and its affiliates will not be liable for direct or indirect damage or loss.
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Source: Cryptocurrency - investing.com
