SHIB’s current price increase indicates positive market sentiment and potential upward trend.
Key support levels at $0.00001578, $0.00001523 and $0.00001469 guide entry points.
Breaking the 0.00001752 resistance level could push SHIB towards 0.00001800 and higher targets.
The Shiba Inu (SHIB) market is showing a positive shift today, suggesting the next leg up for the cryptocurrency may be imminent. The SHIB/USDT trading pair is experiencing a promising rise. This improvement in market sentiment has invigorated the SHIB community, known as the #ShibArmy, sparking optimism for a potential upward trend. KNIGHT, a notable figure in the community, shared a detailed analysis highlighting key support and resistance levels, which could guide traders in their decisions.
The chart provided by KNIGHT indicates crucial support levels at $0.00001578, $0.00001523 and $0.00001469. These levels are essential for traders to watch as they offer potential entry points if the price retraces.
On the other hand, the resistance levels outlined are at $0.00001752, $0.00001800, $0.00001858, $0.00001900, $0.00002000 and $0.00002031. These levels mark significant price points where selling pressure could emerge, potentially halting the upward momentum.
The market sentiment today appears to be bullish, with traders and investors hopeful for a continuation of the upward trend. This optimism is likely contributing to the current price increase, as more participants enter the market, driving the demand for SHIB higher. The technical indicators on the chart suggest that SHIB is in an upward trend, with the price steadily approaching the next resistance level at 0.00001752 USDT. If the price successfully breaks this resistance, the next target for SHIB would be 0.00001800 USDT.
At press time, SHIB price was at $0.00001634, with a Relative Strength Index (RSI) of 41.91, suggesting that SHIB is not in an overbought or oversold condition, leaving room for potential growth. The 24-hour trading volume has seen a significant decrease of 28.43%, amounting to $378.83 million. This drop in volume indicates a consolidation phase, which could precede a breakout if buying interest increases.
For traders, this presents a clear strategy. A bullish outlook would involve entering a long position if SHIB breaks above the 0.00001752 USDT resistance level. The targets for this strategy would be the subsequent resistance levels, starting with 0.00001800 USDT. On the other hand, a bearish strategy would involve waiting for the price to fail at breaking resistance and then considering entry points at the support levels of 0.00001578 USDT and 0.00001523 USDT.
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