Shiba rises another 50% Thursday morning: here's what the charts are signalling

In the last 24 hours, Shiba Inu (SHIB/USD) has risen by 55% on a 700% surge in trading activity. The token had reached a high of $0.00001482 but it has given up some of its gains. Many short-term traders are sitting on impressive profits and are wondering if the brief decline marks the end of a strong rally or if it can rebound to new highs.

Let's take a look at some of the charts to better understand the coin's outlook.

Taking a look at the chart above, we can see the following:

Is it too late to buy SHIB?

Moving on to the short-term chart above we can observe the following.

Finally, the one-day chart above offers some form of confirmation that Shiba is overbought.

Conclusion

A long entry and buying SHIB now is very risky. Investors should wait for a pullback as the RSI indicates the coin is extremely overbought. Logic dictates a short entry can be taken, however, coins like Shiba are wildly unpredictable and it wouldn't surprise investors if a new all-time high is reached soon.