SHIB looks more like a long-term bet as Shiba Inu price turns 'overbought.'
Shiba Inu's rally has made it an excessively bought asset on a daily timeframe, according to its relative strength index reading at almost 86 on Jan. 18 — sixteen points above the overbought threshold of 70.Ideally, an overbought RSI prompt investors to unload their positions, leading to a price correction. In other words, SHIB risks dropping toward its 200-day exponential moving average near $0.00001120.
It resolves after the price breaks above the upper trendline toward the level at a length equal to the wedge's maximum height. SHIB has entered the breakout stage of its falling wedge pattern, as shown below. It now sees an extended upside toward $0.00002063 by March 2023, up 35% from current price levels.Alternatively, a potentia bearish scenario scenario would see SHIB falling short of the wedge breakout target if price reverses from its interim resistance level at the 50-week EMA near $0.00001309.
Such a downturn would risk sending the Shiba Inu price toward the wedge's upper trendline near $0.00000800, or down 40% from current price levels. This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.
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