This dog-based meme token is already up by a decent ratio in August 2022. With Shiba Inu token double the positive jump compared to its competitor Dogecoin, the outlook for Shiba Inu projects an entry into the top ten blockchains. With market capitalization moving closer to $9 billion, it has already taken the 12th spot. Price action for such sentiment-based tokens and blockchains are speculative in nature with limited real-time usage. Hence, buyers of such tokens remain vigilant to new developments related to the blockchain industry.
Shiba Inu has created a massive breakout with its huge single-day positive run. The price action has completely changed the outlook, indication, and possibilities. Its immediate support level has been lifted by a huge margin creating a positive sentiment on the behest of buyers. Should you buy further Shiba Inu tokens for your portfolio? Read our SHIB prediction to know the answer!
Advertisement
The sudden spike in transaction volume witnessed the past Saturday has created a new and strong immediate support level for SHIB prices to bounce in a positive direction. With the breakout happening after a consolidation of over fifty days, the buyers have found a much-needed reason to continue investing in this cryptocurrency. With breakout vibes being created as early as August 11, the outlook now shifts to target the upcoming immediate resistance of $0.00001867, which is barely 15% above the last trading price of $0.00001623. Since the price is almost at the precipice of 200 EMA, a close of slightly above could create the ideal setup for a huge breakout this week. Failure to do so could push SHIB into another consolidation zone above having support at $0.00001500.
RSI indicator has jumped to overbought zones, with transaction volumes slowly returning to pre-breakout levels. Such data from technical indicators confirm the trend could be short-lived if volumes return to pre-breakout levels. The MACD indicator has widened the gap confirming the positive outlook to continue with a slight drop in intensity. The mixed outlook demands carefully planned entries into this token.
Advertisement
On weekly charts, Shiba Inu shows the first negative candle in the last month. This activity seems fair as buyers at lower levels will be taking advantage of current levels to book profits. The formation of wick on both the lower and upper end of the current week candle confirms a tough tussle between buyers and sellers. Breaching $0.00001867 should create a positive impact for SHIB buyers for both short and long-term prospects.
