Shiba Inu price prediction turned bullish for August as well as for the next month. It gained 34% in the current month and upward momentum is intact.
SHIB price formed a bullish trend reversal pattern and rose upward by forming higher highs. The buying is also on the rise showing bulls are getting active and returning back to track.
Shiba Inu price managed to climb above the 50-day and 200-day EMA. It showcases the strength of bulls and the positional trend has reversed in the upward direction. For the past few months, SHIB crypto price is in a downtrend and consolidating in a narrow range.
Recently, On Aug 5, 2023, buyers succeeded to break the higher range and prices expanded upward. It triggered positive sentiment for meme coin investors which fueled the rally in SHIB crypto.
Slow and steady prices are recovering and trying to bring back the confidence of long-term investors.
Shiba Inu price is trading at $0.00001064 with an intraday decline of -0.28%. In the last 24-hour trading volume is $473.92 Million and volume to market cap is 7.49%.
Shiba Inu Price returning back to a bullish track
Shiba Inu price prediction suggests that the recovery may continue in the coming months. The chart structure of SHIB crypto is mildly bullish. Moreover, the buyers seem to be more active as compared to the sellers.
Till the Shiba Inu price is sustained above the 50-day EMA the prices are expected to remain in bulls grip. However, the prices had gone far away from the EMA so minor retracement or consolidation is possible.
On the other hand, if the prices faced rejection and dropped below EMAs then bears might pull it down again.
SHIB Price Turned Bullish on Weekly Time Frame
SHIB price formed a strong bullish candle on the weekly time. It seemed like prices had formed a strong base near $0.00000800. Therefore, the recent breakout looks sustainable and more upside is possible.
On the higher side, the $0.00001192 level will act as an immediate hurdle for bulls. If the buyers succeed in breakout then the SHIB price will begin the journey to reach YTD highs.
The MACD curve displayed a sharp positive crossover indicating the strength of the rally. However, the RSI reached 71 denotes overbought territory due to which minor retracement is possible.
Conclusion
Shiba Inu price prediction is bullish for August 2023. It recently broke out of the narrow range consolidation which fueled the rally. SHIB price is reversing upward and buyers seem to be returning back to track.
Technical levels
- Resistance levels: $0.00001192 and $0.00001399
- Support levels: $0.00000800 and $0.00000700
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only. They do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain.
Source: https://www.thecoinrepublic.com/2023/08/13/shiba-inu-price-prediction-will-shib-price-outperform-in-august/