SHIB/USDT: Positive growth signal but caution is needed

Detailed analysis:

1. Current price: 0.00002222 (up 1.79%).

In the 1-hour timeframe, the price reached a peak of 0.00002245 in 24h but then made a slight adjustment. Trading volume is increasing, reaching 33.02M USDT, indicating significant interest from the market.

2. Resistance & support:

Nearest resistance level: 0.00002245.

Strong support level: 0.00002165.

The current price is situated between these levels, reflecting the market's hesitation in determining the next trend.

3. Technical indicators:

RSI (6): 52.33 (1-hour timeframe), indicating that the price is in a neutral zone, with the potential for a slight increase.

MACD: The MACD line is almost crossing the signal line, showing that selling pressure is gradually decreasing. If buying pressure increases strongly, the price may break through resistance.

Bollinger Bands: The price is trading close to the middle band, reflecting short-term accumulation.

Trading strategy:

Entry point:

If the price exceeds 0.00002245 with high volume, consider buying to capitalize on the upward trend.

Place buy orders around 0.00002230 to reduce risk.

Profit target:

Expecting the price to rise to the range of 0.00002300 - 0.00002310 in the short term.

Stop loss:

Set at 0.00002150 to avoid risks from strong reversals.

Note:

This is a period of price accumulation, traders should be patient and wait for clear signals from MACD and volume.

Hashtags:

#SHIB #CryptoAnalysis #Altcoins #Blockchain #Cryptocurrency #CryptoTrading #Bitcoin #Ethereum #DeFi #HODL