technical analysis and trade signals for $SHIB /USDT:
Technical Analysis:
Current Price: 0.00002955
Support Level: 0.00002931 (recent low)
Resistance Level: 0.00003316 (recent high)
1. Trend: The price is in a slight downtrend as it is currently trading below the 24-hour high, with a drop of around -3.08%. The recent decline suggests there might be a further pullback towards the support level before a potential reversal.
2. Momentum:
RSI: Moderate levels around 40-50, suggesting the market is not overbought or oversold but showing neutral momentum.
MACD: If the MACD is below the signal line, it would indicate a bearish trend, while crossing above the signal line suggests potential upward momentum.
3. Volume: Volume is consistent with 28.33T SHIB traded, but we need more volume to confirm any breakout either up or down.
4. Support and Resistance Zones:
Support Zone: 0.00002931
Resistance Zone: 0.00003316
Trade Signals & Targets:
Bullish Scenario (if price moves up):
1. Entry Point: Around 0.00002955, with a confirmation of upward momentum (RSI increasing, MACD bullish crossover).
2. Target 1 (T1): 0.00003100 – First resistance level.
3. Target 2 (T2): 0.00003250 – Intermediate resistance.
4. Target 3 (T3): 0.00003300 – Key resistance, potential breakout point.
Bearish Scenario (if price breaks support):
1. Entry Point: Around 0.00002931 or if a clear breakdown below support happens.
2. Target 1 (T1): 0.00002850 – Next potential support.
3. Target 2 (T2): 0.00002770 – Potential minor support.
4. Target 3 (T3): 0.00002700 – Strong support zone.
Trade Momentum:
Momentum is currently slightly bearish with the price showing a decline of -3.08% in the last 24 hours. If the price holds above 0.00002931, there might be a consolidation before another upward move. Watch for bullish reversals near support zones to confirm a positive trade momentum. A break above 0.00003316 would signal a strong bullish trend.