#SHIB/USDT Chart Analysis: Will Support Hold or Break?
In the 1-hour chart, the price is currently testing the support area around $0.00001273, marked by the yellow horizontal line. This support has been tested multiple times, indicating it as a key zone to watch. On the upside, significant resistance lies around $0.00001482, marked by the purple horizontal line, which has also been tested several times in recent days.
Volume analysis shows increased trading activity as the price approaches the support area, indicating rising selling pressure. The 200-period Moving Average (MA) on the 1-hour chart is at $0.00001459, currently acting as dynamic resistance. The Relative Strength Index (RSI) is at 37.86, indicating bearish momentum with a slight oversold bias. The MACD indicator shows the MACD line at -0.0000006, below the signal line at -0.000000, and the histogram at 0.0000006, suggesting a potential bearish trend.
In a bullish scenario, if SHIB/USDT bounces from the support at $0.00001273 with strong volume, the next target would be the resistance areas around $0.00001482 and $0.00001550.
Conversely, if the price fails to hold the support and breaks below $0.00001273, it could revisit lower support levels around $0.00001200 and $0.00001150.
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