SHIB plunged 9.84%, currently at $0.00002162, is this a pullback or the start of a new downtrend?
Today, SHIB/USDT encountered a heavy setback, with the price dropping to $0.00002162, and a 24-hour trading volume of $119 million, market sentiment is becoming cautious. From a technical perspective, SHIB has retraced from its previous high and has now fallen below MA(7), with a lower support level to watch at $0.00002149. The RSI indicator shows it is approaching the oversold area, but bulls have not yet shown any clear signs of a counterattack.
Key levels analysis:
• Support level: $0.00002149
• Resistance level: $0.00002325
• Short-term trend: If it fails to hold above $0.00002149, it may further test $0.00001853.
Strategy recommendations:
1. Short-term attempt: You can try to take a small position around $0.00002150 for a rebound, targeting $0.00002300, with a stop loss set at $0.00002100.
2. Mainly waiting: Wait for the price to stabilize and break through $0.00002300 before considering entry.
SHIB has been highly volatile recently, will it rebound or continue to decline? What are your thoughts? Feel free to share in the comments!