$SHIB /USDT Technical Analysis
Current Price: 0.00002804 USDT
24h High: 0.00003095 USDT
24h Low: 0.00002659 USDT
24h Price Change: -3.71%
Key Support and Resistance Levels:
Support: 0.00002659 USDT (recent low)
Resistance: 0.00003095 USDT (recent high)
Analysis:
Price Action: SHIB/USDT has been moving within a defined range, with price testing the lower boundary (0.00002659 USDT) and rebounding toward the upper resistance (0.00003095 USDT).
Momentum: The market shows some bearish pressure at the moment, as reflected by the 24-hour decline of -3.71%. However, the price is near the support level, and a bounce could be expected if buying interest picks up.
Trade Signal & Targets:
Bullish Scenario:
Entry Point: 0.00002820 - 0.00002850 USDT (near the current price for a bounce from support)
Target 1 (T1): 0.00002920 USDT (short-term resistance)
Target 2 (T2): 0.00003000 USDT (mid-term resistance)
Target 3 (T3): 0.00003100 USDT (long-term resistance)
Bearish Scenario:
Entry Point: 0.00002660 USDT (below current support, expecting further downside)
Stop Loss: 0.00002780 USDT
Target for Downside: 0.00002550 USDT (stronger support zone)
Trade Momentum:
Current Momentum: Slightly bearish, as indicated by the recent price decline and the lower low formed. However, the price is near a strong support level, and a bounce could be expected if buying volume increases.
Indicators: Look for momentum confirmation from volume spikes or indicators like RSI (Relative Strength Index) or MACD for further clarity on the trend.
Strategy:
Wait for confirmation of support at 0.00002659 USDT before entering any long trades. A bounce from this level with increasing volume could indicate a potential upward movement toward the target levels.
For short-term traders, consider entering after a break and retest of resistance around 0.00002900 USDT.
