Shiba Inu Price Prediction for Today, August 7: SHIB Retraces Its Steps as It Struggles above $0.00000900

SHIB Is Gaining Traction as It Struggles above $0.00000900 – August 7, 2023

Shiba Inu gains momentum and rebounds but struggles above $0.00000900. The cryptocurrency asset is anticipated to increase further in price to reach its previous high of $0.00001300. SHIB Inu reached a high of $0.00001500 in prior price activity in January 2023. Nevertheless, the price of the crypto asset is currently in the overbought area of the market.

Shiba Inu Price Statistics Data:
• Shiba Inu price now – $0.000009343
• Shiba Inu market cap – $5.51B
• Shiba Inu circulating supply – 589.35T SHIB
• Shiba Inu total supply – $5.51B
• Shiba Inu Coinmarketcap ranking – #14

Resistance Levels: $0.00001200, $0.00001300, $0.00001400
Support Levels: $0.00000600, $0.00000550, $0.00000450

Shiba Inu (SHIB) has resumed bullish momentum after being confined for two months, breaking above the resistance of $0.00000850. As the market approaches overbought territory, the altcoin is retracing. If the currency retraces above the $0.00000850 breakout mark, the present uptrend will restart.

If SHIB retraces below the breakthrough level, it will return to the range-bound zone between $0.00000650 and $0.00000850. Meanwhile, if the price retraces above the moving average lines, the price indicator predicts additional higher movement. A retraced candle body tested the 50% Fibonacci retracement level during the August 5 rise.

The retracement suggests that SHIB will advance to the level 2.0 Fibonacci extension, or 0.00001286. The altcoin has retraced above the moving average lines or $0.00000924 support today. The present upsurge will continue as it struggles above $0.00000900. Shiba Inu has the potential for additional growth, as it is currently at a Relative Strength Index level of 62 for period 14.

Alternatives to Shiba Inu

The cryptocurrency asset has started to retrace its price after the most recent price increase. SHIB is currently overbought as it continues to decline. The uptrend will resume if the altcoin retraces and remains above the breakout price level.The price of the cryptocurrency will rise and retest its previous peaks. SHIB, however, will return to the previous range-bound zone if the breakout is disrupted.

The Wall Street Memes ($WSM) is one of the most attractive presale tokens, and it is currently hot. The entire 2 million $WSM supply is dedicated to the community. Experts expect that WSM will soon be listed on the major exchanges. To date, the presale has brought in about $21 million.

According to this, more than two-thirds of the presale inventory may have been sold.To get any $WSM tokens at a discount, you must act immediately. The token’s price may rise if it is listed on an exchange.

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