đ„đ„đ„ #Shibalnu Price Analysis: Key Levels to Watch For Amid #bitcoinâïž Volatility
Shiba Inu (SHIB) is currently trading at approximately $0.00001350 and is testing a critical support level on the daily chart as its burn rate surges by 1000%. Despite facing downward pressure and a bearish "Death Cross" on its price chart, technical analysis suggests that traders are maintaining a neutral to bullish outlook for SHIB in the short to mid-term. A breakout past key levels could signal a bullish reversal.
Traders' Sentiment on Shiba Inu
Recent Bitcoin volatility, with its price fluctuating between $61,000 and $58,000, has affected the broader crypto market, leading to a 0.3% drop in total market cap over the past day.
Despite market indecision, Shiba Inu traders remain net long, with long liquidations slightly outweighing shorts, according to Coinglass data. SHIB's open interest has risen by 1.06% in the last 24 hours, aligning with a price increase and indicating a general bullish sentiment.
Key Price Levels and Predictions
- Shiba Inu is at a critical juncture in its price chart. The bearish Death Cross, where the 50-day EMA crosses below the 200-day EMA, typically signals long-term bearish pressure. However, SHIB is currently attempting a bounce from the support zone around $0.00001000.
- Resistance levels are anticipated at $0.00001571 and $0.00001794. The Stochastic RSI, currently in the overbought zone with values of 86.30 and 80.64, suggests that SHIB might experience a short-term pullback before potentially breaking through the resistance at $0.00001571.
- With the Stochastic RSI overbought and low trading volume, SHIB may experience a pullback. Caution is advised, and long-term positions should be avoided unless SHIB breaks above $0.00001794 with strong volume. Falling below the $0.00001300 support could lead to further declines, potentially reaching $0.00000998.
Source - coingape.com
