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Shiba Inu’s incredible rally has not gone unnoticed, and many are wondering if it can continue its upward momentum. However, some technical indicators suggest a short-term top forming in the making.
According to recent data, Shiba Inu has broken through important resistance levels and is currently trading at $0.00001548. While this is undeniably an impressive feat for SHIB, certain underlying indicators imply that the price action may be nearing its peak.
A close examination of the Relative Strength Index (RSI) reveals it to be hovering around 78, a stark reminder that we are already in overbought territory. Historically, it’s not uncommon for this indicator to warn traders about impending pullbacks or periods of sideways consolidation before SHIB’s price action can continue its upward trajectory.
As SHIB approaches the $0.000016-$0.000017 range, which previously served as support before the March breakdown and may now serve as a profit-taking zone, it is crucial for investors to remain cautious and not get carried away by this impressive rally.
Source: u.today
