- Shiba Inu has skyrocketed, gaining more than 52% from its October open.
- Bullish momentum had SHIB hitting its previous peaks.
- Meanwhile, a bearish divergence warns that SHIB’s current uptrend momentum might be limited.
Shiba Inu has had significant upticks since opening October around $0.00000716. The lucrative actions led to a 52% rise as bullish potential had SHIB attaining a 4-month peak at $0.000011. However, dominant historic resistance prevented Shiba Inu from more upside moves.
Shiba Inu Hits $0.000011; Sellers Target a Daily Close under $0.000091 for Control
Shiba Inu outperformed most digital coins in the crypto market with its explosive upticks since October started. However, the $0.00009 zone has consistently vexed long-term buyers. With that, $0.000009 has served as the upper range, tested in multiple sessions, including 16 June, 30 June, 6 July, 16 August, 16 September, and 3 October.
Short- and long-term bulls looking for breakouts might have to be patient. After the Relative Strength Index shifted to a bearish attitude, SHIB appears to trade against the last overbought attitude in the bearish market. The daily RSI’s position shows a warning that SHIB’s immediate uptick might endure a price fall.
(Advertisement)
CypherMind-HQ.com Artificial Intelligence Crypto Trading System – Get Ahead of the Curve with this sophisticated AI system! Harness the power of advanced algorithms and level up your crypto trading game with CypherMindHQ. Learn more today!
Also, the concealed bearish divergence between the Composite Index and Shiba Inu’s price indicated possible drops in the coming sessions. The candle’s red arrow depicts lower highs as the Composite Index depicts higher highs. Moreover, the Composite Index remains around a historical resistance.
However, sellers need to beware of this trading range. Shiba Inu might suffer immediate retracement before returning to $0.000007. Meanwhile, the weekly RSI shows a possible 50-level return plus a breakout past the level. With that, if the weekly price chart remains with the bullish RSI momentum over this week, Shiba Inu might close around $0.000011 without challenges.
While writing this article, Shiba Inu hovers at $0.00001136 after gaining 28.96%. The altcoin maintained an upside momentum over the past seven days. Such price moves had the ‘Dogecoin Killer’ smashing a resistance as bulls target a rally to $0.000014. However, Shiba Inu might not have the momentum to maintain an upside stance.
You can share your opinions below.
