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Shiba Inu (SHIBUSDT) is declining along an upward trend line - Analysis - 08-01-2024

The price of Shiba Inu (SHIBUSDT) has declined during its recent trading at the moment levels, with the beginning of negative signals on the relative strength indicators, after reaching areas of severe saturation with buying operations, with continuous negative pressure due to its trading below its simple moving average for the previous 50-day period, but in front of that, the stock is moving along an upward corrective trend line in the short term, so that the price is trying to gain positive momentum that may help it get rid of those negative pressures.

Therefore, we expect the price of the currency to rise again during its upcoming trading, with an important condition, which is the stability of the support level of $0.00002017, to target the first resistance levels at $0.00002493.

Expected direction for upcoming trades: Likely to rise $SHIB