🚀The chart shared shows the SHIB/USDT pair with the following observations:📈
1. Current Price Movement:
• The price is trading at 0.00002311 USDT, showing a 3.59% increase in the last 24 hours.
2. 24-Hour Range:
• High: 0.00002408 USDT
• Low: 0.00002202 USDT
3. Moving Averages:
• The shorter-term MA(7) is at 0.00002317, slightly above the current price, suggesting a minor pullback from recent gains.
• Mid-term MA(25) and longer-term MA(99) levels (at 0.00002303 and 0.00002224, respectively) are indicating a consolidating trend.
4. Volume:
• SHIB’s 24-hour trading volume is significant, at 3.86 trillion SHIB, highlighting active market participation.
• A 90-day increase of 48.52% in volume suggests rising interest in SHIB over the medium term.
5. Trend Analysis:
• The price reached a recent high of 0.00002408 USDT, followed by a slight retracement. This could indicate profit-taking by traders or a temporary resistance level.
• Support levels are visible near 0.00002200, as shown by the lower bounds of recent candles.
6. Predictions:
• If SHIB maintains support at current levels and breaks past 0.00002408, it could signal bullish momentum toward higher highs.
• Failure to hold 0.00002200 may lead to further retracements, testing the next support near 0.00002100.
7. Indicators:
• With 111.24% growth over the past year, SHIB has shown strong long-term bullish performance, but the shorter-term downtrends over 7 days (-14.22%) suggest caution for immediate trades.
Conclusion:
SHIB is showing potential consolidation after a rally, with significant market interest and support around current levels. A breakout above 0.00002408 could signal bullish continuation, while a drop below 0.00002200 may indicate further corrections.
