đąPotential Reversal for $SHIB đ
The Shiba Inu token has experienced a significant 25% price decline, settling around a crucial support level around $0.000017. Despite this downturn, there are signs that a reversal might be on the horizon. The Relative Strength Index (RSI) is nearing oversold territory, suggesting the possibility of a bounce. However, the low trading volume is a concern, as higher buying interest is essential for a sustained recoveryđĄ
For SHIB to confirm a reversal, it needs to break above the 50-day EMA with strong volume support. Maintaining the current support level could lead to a 20% price increaseđ Additionally, the performance of major cryptocurrencies like Ethereum and Bitcoin will play a crucial role in SHIB's potential recoveryđ
đCrypto Scouts analytics team
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