Shiba Inu is hinting at a pivotal point for bulls and bears, with a momentum indicator flashing a signal that might be crucial to watch for its next price move.
The Relative Strength Index (RSI), one of the most widely followed momentum indicators in technical analysis, has hit 50, signaling a balance between buying and selling pressure.
With SHIB's RSI now at 50, neither the bulls nor the bears have a clear advantage, which could make what comes next very important to watch for its short-term price action.
Shiba Inu saw a sharp surge towards July's close, with the price surpassing $0.00000582 on July 26, where resistance was encountered. Shiba Inu price started rising again from a low of $0.00000454 on July 29, with the rally pausing at a high of $0.00000505 on August 4, despite a sharp rise to $0.00000516 earlier on August 1.
The RSI indicator moved in lockstep with Shiba Inu price; when SHIB price surged, the RSI indicator went through the roof, reaching overbought levels of 77. As momentum cooled, the RSI retreated to the neutral zone. Currently, the daily RSI is slightly above 50, at 52.
Not signaling an immediate bullish or bearish breakout, the indicator suggests a market waiting for a stronger catalyst.
$0.000005 next?
Shiba Inu is holding near $0.00000467, up 1.62% in the last 24 hours. The larger crypto market is largely trading in the green amid a weak jobs report for July.
According to a report released Friday, Nonfarm payrolls unexpectedly declined in July, falling by 23,000. That was far below the consensus expectation of an increase of 80,000 jobs and down from June's addition of 20,000.
Shiba Inu price has fluctuated in the range between $0.00000457 and $0.00000470 in the last 48 hours.
If Shiba Inu price starts rising, the $0.000005 level remains the first point of call for the bulls. SHIB price declined from the $0.00000505 level on August 4, falling for four straight days before rebounding.
If the $0.000005 level is cleared, $0.00000516, $0.00000561 (the daily MA 200), and $0.00000582 will be the next resistance levels for the bulls. Support is expected at the daily MA 50 at $0.00000447.
