Shiba Inu ($SHIB ) Technical Analysis
Current Price: $0.00002407
24h High: $0.00002482
24h Low: $0.00002303
24h Vol (SHIB): 6.35T
24h Vol (USDT): 152.87M
Analysis:
The $SHIB chart currently displays a bearish engulfing candle pattern. This is a strong bearish reversal signal, suggesting a potential downward trend.
Trading Recommendations:
* Short Trade: Enter a short position at the $0.00002482 resistance level with a stop-loss at $0.00002520 and a target of $0.00002287.
* Long Trade: Wait for a bullish reversal signal, such as a bullish engulfing candle or a higher low, before considering a long position.
Market Outlook:
Given the bearish engulfing candle and the overall downtrend, it is likely that SHIB will continue its downward movement in the short term. However, a reversal cannot be ruled out if a strong bullish signal emerges.
Leverage:
* Short Trade: Consider using 2x to 5x leverage to maximize potential profits.
* Long Trade: Wait for a clear bullish signal before considering any leverage.