Based on the current market situation, Shiba Inu ($SHIB ) shows interesting signals for analysis. Let's break down the current data that may help traders:
1. Technical analysis:
• Current price: 0.00002544 USDT (+5.43%)
• Moving averages:
• MA(7): Shows a strong upward movement, signaling a short-term bullish trend.
• MA(25) and MA(99): Indicate a possible price recovery, however, long-term levels remain below the current price.
• MACD: MACD lines indicate positive momentum, but crossing below the zero line suggests caution.
• RSI: An RSI value of 56-65 indicates that the asset is in a zone of moderate overbought, but still far from extreme levels.
2. Fundamental analysis:
• Capital flows: Over the last 5 days, there has been an outflow of -1.6 trillion SHIB, however, buyer activity in the last 24 hours has balanced the situation.
• Volumes: Trading volume remains high, supporting liquidity and interest in the asset.
• Token burning: If news about large-scale plans for burning SHIB is confirmed, it could significantly raise the price by reducing supply.
3. Support and resistance levels:
• Support: 0.00002405 USDT – an important level that keeps the price from further decline.
• Resistance: 0.00002560 USDT – the nearest target for a breakout upwards.
4. Possible scenario:
• Bullish scenario: If buyers continue to increase volumes, the price may break the level of 0.00002560 USDT and aim for 0.00002700 USDT.
• Bearish scenario: With a decrease in volumes, the price may pull back to support at the level of 0.00002405 USDT.
Recommendations:
1. Short-term trading: Levels 0.00002560 (entry on breakout) and 0.00002700 (profit taking) may be interesting for speculative trading.
2. Long-term positions: Confirmation of token burning plans from the Shiba Inu team will be a strong fundamental driver.
3. Risks: Monitor the activity of large players in the order book to avoid sharp movements. Don't forget about stop loss.
Conclusion:
Shiba Inu remains an interesting asset with growth potential, especially if the token burning plans come into effect, then it will be like 🚀🚀🚀. If you are grateful, please send me coins via the link here
