💥💥💥 #shibaInu ’s Trading Activity Spikes: Key Insights and Future Prospects
Shiba Inu (SHIB) has shown strong momentum, breaking resistance levels and initiating an upward trend. Currently trading at $0.00002757, SHIB has appreciated significantly, increasing its market capitalization by 15.96% to $16.89 billion. The 24-hour trading volume has surged by 94.86% to $1.97 billion.
Starting from a low of $0.00002472, SHIB's price has trended upward with minor fluctuations, establishing this low point as a crucial support level. The price movement today has broken through several minor resistance points, highlighting strong buying pressure. However, the peak price of $0.00003000 presents a key resistance level $SHIB is currently facing.
The confirmed support level at $0.00002472 is essential for future upward movements, while breaking the $0.00003000 resistance will be crucial for sustained gains. This resistance level is the highest SHIB has ever reached and poses a significant challenge.
Coinglass data reveals a 120.36% increase in trading volume this week, reaching $541.18 million. Open interest for SHIB futures contracts rose by 10.95% to $121.66 million. Despite a long/short ratio of 0.9654, indicating a dominance of short positions, overall trading activity remains strong.
Technical indicators show the 1-day stochastic RSI trading above the signal line at 90.79, indicating an overbought market and potential near-term price correction. However, the 1-day MACD above the signal line suggests short-term bullish momentum. The 1-day ADX at 15.42 indicates a lack of a strong trend, suggesting a period of consolidation or market uncertainty.
According to Changelly blog data, #cryptocurrency experts expect SHIB's price in June 2024 to range between $0.0000288 and $0.0000382, with an average value around $0.0000355.
Source - coinedition.com
