The #SHIBAINU ($SHIB ) market is showing a positive shift today, suggesting that the next rally for the cryptocurrency may be imminent. The trading pair #SHIB/USDT is experiencing promising growth. This improvement in market sentiment has reinvigorated the SHIB community, known as #shibarmy , sparking optimism about a potential uptrend. KNIGHT, a prominent figure in the community, shared detailed analysis, highlighting key support and resistance levels that can help traders in their decisions.
The chart provided by KNIGHT shows important support levels at $0.00001578, $0.00001523 and $0.00001469. These levels are important for traders as they offer potential entry points in the event of a price correction.
On the other hand, the designated resistance levels are at $0.00001752, $0.00001800, $0.00001858, $0.00001900, $0.00002000 and $0.00002031. These levels mark important price points where selling pressure could arise, potentially stalling upward momentum.
Market sentiment looks bullish today, with traders and investors hoping for a continuation of the uptrend. This optimism is likely contributing to the current rise in prices as more participants enter the market, increasing demand for SHIB. Technical indicators on the chart suggest that SHIB is in an uptrend, with the price steadily approaching the next resistance level at 0.00001752 USDT. If the price successfully breaks this resistance, the next target for SHIB will be 0.00001800 USDT. At the time of publication, the SHIB price was $0.00001634 and the relative strength index (RSI) was 41.91, indicating that #shiba⚡ is not overbought or oversold, leaving room for potential growth. 24-hour trading volume dropped significantly by 28.43% to $378.83 million. This drop in volume indicates a consolidation phase that could precede a breakout if buying interest increases.
For traders, this represents a clear strategy. The bullish outlook involves entering a long position if SHIB breaks the resistance level of 0.00001752 USDT. The targets for this strategy will be subsequent resistance levels, starting at 0.00001800 #USDT . On the other hand, the bearish strategy involves waiting for the price to fail when breaking through resistance, and then looking at entry points at the support levels of 0.00001578 USDT and 0.00001523 USDT.
