Is it time to buy Shiba Inu? What will the future trend be?
Currently, the price of SHIB/USDT is $0.00002374, reflecting a slight decline of 2.06% over the past 24 hours, indicating a trend of short-term adjustment. However, it is noteworthy that trading volume has reached an astonishing 2.53 trillion SHIB. This massive trading volume is like an undercurrent beneath a calm lake, fully demonstrating that market activity for SHIB is still high.
Looking back at the price fluctuations in the past 24 hours, the highest price reached $0.00002462, while the lowest price fell to $0.00002356. From the perspective of key technical support and resistance levels, the support level is at $0.00002250, while the resistance level is at $0.00002515.
In technical analysis, the moving average system acts like a compass in navigation, guiding investors in the right direction. The 7-day moving average of SHIB ($0.00002402) and the 99-day moving average ($0.00002250) have quickly rebounded under the support of key moving averages, initiating a strong bullish trend. Similarly, in the short term, it is highly likely that the price of SHIB will rebound from the support of these two moving averages. These two moving averages serve as a solid fortress, providing strong support for SHIB's price.
Currently, the RSI(6) value is 35.22, nearing the oversold zone. This phenomenon is significant in technical analysis, usually indicating that the market is about to experience a rebound. Looking back at the end of the 2018 Bitcoin bear market, the RSI indicator frequently entered the oversold zone, subsequently triggering wave after wave of rebound trends.
Entering the range of $0.00002360-$0.00002380 is like being in the best position to ambush prey, allowing for lower-cost buying during price corrections and quick profits during rebounds. For setting target prices, a tiered strategy can be adopted. The first target is set at $0.00002490, and when the price reaches this target, some investors may choose to take profits and lock in gains.
