Shiba Inu Coin (SHIB) Technical Analysis: Focus on the Key Resistance Level of $0.00003
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Shiba Inu Coin continues to fluctuate amid the bullish sentiment of the overall market and is currently trading near a key resistance area. Although the price has slightly corrected, SHIB's upside potential remains in the spotlight, especially against the backdrop of Bitcoin's surge to a new all-time high.
Current Market Performance
Price Range:
SHIB is currently trading at around $0.00002747, fluctuating between $0.00002687 and $0.00002826 in the past 24 hours.
Support and Resistance:
Support: Bulls have successfully defended the important support area of $0.00002687 to avoid further corrections.
Resistance: The key target in the short term is $0.00003, which is the first condition to verify the bullish trend. If this level is broken, the price may rise further.
Bull-Bear Power (BBP):
The current BBP value is 0.000006338, indicating that bulls still have a slight upper hand. However, the BBP indicator has retreated from its highs, showing a weakening of buyer power, with sellers trying to take control. If BBP falls below zero, it may trigger further bearish pressure.
MACD indicator:
The MACD line (current value 0.00002973) is close to crossing the signal line (current value 0.00001761), suggesting that the bullish momentum is slowing down.
Histogram: The green bars are gradually shrinking, indicating that the momentum of the upward trend is weakening. If the MACD line crosses below the signal line, it may form a bearish trend reversal signal.
Bullish scenario:
If SHIB breaks above $0.00003, it will open the way for the price to test $0.000035.
Sustained buying pressure could push the price to $0.000038 or even higher, especially if market sentiment remains bullish.
Bearish scenario:
If SHIB falls below the $0.00002687 support level, a further correction to the $0.000025 area is possible.
More selling pressure could push the price down to $0.000022.
Shiba Inu Coin’s price is approaching the critical $0.00003 resistance level, which will determine the short-term trend direction of SHIB. Although technical indicators show weakening bullish momentum, the overall market environment remains positive, and a break above this resistance could see SHIB enter a new up cycle.
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