Anticipate a possible shift in Shiba Inu's price, signaled by Bollinger Bands
In the dynamic world of cryptocurrencies, Shiba Inu (SHIB) has found itself back in the top 20, with a market capitalization of $8.36 billion. The meme coin is currently sitting just behind Toncoin (TON), the 19th-largest cryptocurrency.
However, the current momentum of Shiba Inu is a delicate balance, with potential short-term upside but also the looming threat of bearish pressure that could cause consolidation or a pullback in the near term.
According to the latest technical analyses using Bollinger Bands and Relative Strength Index (RSI), Shiba Inu is currently in a balanced momentum phase. The RSI is hovering just under 50, indicating neither strong bullish nor bearish momentum but a balanced or slightly neutral market sentiment.
The Bollinger Bands suggest that volatility is limited but could increase toward the month's end, potentially enabling a breakout above the current upper bound or a dip to the lower bound. The near-term price might move up 5%–8% if on-chain sentiment, volume, and burn events or Shibarium upgrades align, potentially pushing SHIB above the current upper bound to $0.0000155.
However, a bearish trend initiated in late July may continue, leading to prolonged price pullbacks and consolidation within a tight range. If profit-taking measures are implemented, there is a high possibility of Shiba Inu slipping back to the lower bands.
Looking at longer-term potential and price targets beyond immediate Bollinger and RSI signals, some technical chart patterns indicate pressure from sellers but supported by key horizontal support. This suggests that SHIB could either break out bullishly or test lower levels near $0.000012 or below.
Major resistance levels to watch for upward moves are $0.000022, $0.000039, and an ambitious $0.00008 target, which requires strong utility adoption and positive market cycles.
The recent rally on the Ethereum (ETH) market has played a significant role in boosting the SHIB meme. Money flowed back into Ethereum-based tokens, with SHIB being one of the biggest in this category. Shiba Inu is currently trading at $0.0000141, up 1.25% over the past day.
According to CoinMarketCap data, Shiba Inu is advancing toward the upper Bollinger Band, currently around $0.00001414 and $0.00001432. There is news about a major Shibarium upgrade, which may have contributed to pushing the prices of the meme coin higher.
Investors should monitor key support (~$0.0000118 to $0.000012) and resistance (~$0.0000146 to $0.0000155) levels along with volume and on-chain activity for clearer directional signals. The current Bollinger Bands and RSI analysis point to a cautious near-term outlook with possible moderate gains if bullish catalysts emerge, but the prevailing trend could keep SHIB mostly range-bound or cause a downward pullback before any significant breakout.
- The current trading of Shiba Inu (SHIB) involves crypto assets, with the meme coin being stored in digital wallets.
- Despite the volatility in the technology-driven finance market, Shiba Inu's market cap has reached $8.36 billion, earning it a spot among the top 20 cryptos.
- Investors considering investing in Shiba Inu need to closely follow key support and resistance levels, as the coin is currently advancing towards the upper Bollinger Band.
- In addition to Shiba Inu, Ethereum (ETH) has been playing a significant role in boosting the prices of various crypto tokens, with SHIB being one of the biggest Ethereum-based tokens.
- The future price targets for Shiba Inu extend beyond the immediate signals of Bollinger and RSI, with major resistance levels at $0.000022, $0.000039, and an ambitious $0.00008.
