Has rate of SHIB reached overbought zone so far?
The market keeps rising, setting new local peaks, according to CoinMarketCap ranking.
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SHIB/USD
The rate of SHIB has increased by 4.72% over the last 24 hours.
Image by TradingView
On the hourly chart, the price of SHIB is rising after a false breakout of the local support level of $0.00000847. If the daily candle closes near the resistance, the growth may continue to the $0.00000880 zone tomorrow.
Image by TradingView
On the daily chart, one should pay attention to the resistance level of $0.00000871. If the bar closes near it with no long wick, the accumulated energy might be enough for a breakout, followed by further growth to $0.000009.
Image by TradingView
From the midterm point of view, traders should focus on the mirror level of $0.00000876.
If its false breakout happens and the candle closes far from it, one can expect a correction within the next week.
SHIB is trading at $0.00000865 at press time.