Shiba Inu (SHIB) price prediction amid 15% daily rally
2024-09-27

Shiba Inu (SHIB) recorded a sharp upswing on the 26th of September, posting 14.5% gains and extending its monthly recovery to 35%.

This remarkable performance eclipsed even Bitcoin (BTC), which posted 2% on the daily charts and remained quiet overall. 

However, the SHIB’s upswing retested a key hurdle, which begs the question: Can bulls mount above the roadblock and push forward? 

The stochastic RSI and RSI flashed bullish signals on the daily chart, underscoring a strong buying pressure for SHIB in the past few days. 

However, they also indicated overbought conditions, which often signal a potential price reversal. Given the bullish market structure, the uptrend momentum could continue. 

If so, late bulls could seek re-entry after breakout or retest above the resistance at $0.000001763 (marked white) or $0.000018 (April low). 

The bullish target would be the 200-day Moving Average (MA) at $0.000020. The bullish target would offer 15% or 11% potential gains based on the two entry positions. 

That said, a daily candlestick close below $0.000017 would invalidate the above bullish thesis. SHIB could front a pullback to $0.000015 in such a muted scenario. 