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Title: Shiba Inu (SHIB) Price Top Incoming? RSI Screams Overbought
Shiba Inu has been relentlessly moving forward, but it might become overbought quickly. In a recent daily close, SHIB made a notable breakout, reaching $0.00001548.
Although the price action appears strong, underlying indicators hint at a short-term top forming even before it reaches its peak. The Relative Strength Index (RSI) is currently hovering around 78, well into overbought territory, serving as an obvious warning indicator. Typically, these levels precede pullbacks or periods of consolidation.
SHIB is approaching a zone of prior resistance just below the $0.000016-$0.000017 range, which functioned as support before the March breakdown and may now act as a profit-taking area. SHIB’s recent breakout above $0.0000145 has invalidated the longer-term downtrend, not entirely pessimistic.
In conclusion, while it is difficult to predict with certainty whether the SHIB price will reach its peak, traders should prepare for potential short-term volatility, even if SHIB’s explosive run does not necessarily have to end.
Source: u.today
