Based on the technical analysis of $SHIB /USDT:
$SHIB /USDT is currently trading at $0.00001726, showing a decrease of 10.71% over the last 24 hours. The 24-hour high was $0.00001942, and the low was $0.00001710, with significant trading volume of 7.67 trillion SHIB and 138.53 million USDT.
The price is near the lower end of its recent range, suggesting potential support around $0.00001710. The Relative Strength Index (RSI) on the 1-hour chart indicates oversold conditions, signaling a possible bounce back towards resistance levels if buying interest increases.
For short-term traders, a potential entry point for a long trade could be considered near the support level of $0.00001710, with a target towards resistance at $0.00001898. However, caution is advised as the overall trend remains bearish, and a break below $0.00001710 could lead to further downside towards $0.00001696.
For short trades, an entry point might be near resistance levels around $0.00001898, with a target towards the support zone of $0.00001710, contingent upon confirmation of bearish momentum.
Traders should monitor price movements closely, considering market volatility and volume patterns for more precise entries and exits.
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