Recently, SHIB has set off a strong wave of rising prices in the crypto market, with a 12% surge in price in 24 hours and a monthly recovery momentum of 35%, becoming the focus of the market. This wave of rise not only made SHIB holders excited, but also triggered widespread discussion in the market about its future trend.
SHIB's surge seems to be challenging the low point in April, and its strong momentum even overshadows Bitcoin to a certain extent. Although BTC only rose slightly by 2% on the daily chart, SHIB's dazzling performance has undoubtedly become the focus of market attention.
From the technical indicators, SHIB's Stochastic RSI and RSI both sent bullish signals on the daily chart, which further confirmed the market's recognition of its upward trend. However, it is worth noting that these indicators also show certain signs of overbought, which may bring certain uncertainty to SHIB's short-term trend. Nevertheless, given the current bullish sentiment in the market, SHIB's upward trend is still likely to continue.
If SHIB can successfully break through the current resistance levels such as $0.000001763 or the further $0.000018, then its subsequent upside will be even broader. Some analysts even see the 200-day moving average (MA) at $0.000020 as a potential bullish target for SHIB. This means that if SHIB can continue to rise and break through these key resistance levels, investors will have the opportunity to make substantial gains.
However, investing always comes with risks. The above bullish view might be challenged if SHIB’s daily candlestick closes below $0.000017. In such a case, SHIB’s price might decline back to around $0.000015 for consolidation.
Judging from the market capital flow, SHIB investors seem to be confident about its future trend. The daily net capital inflow for two consecutive days was US$9.1 million and US$4.7 million, which further proves the market's optimistic attitude towards SHIB. In addition, the derivatives market also showed a similar bullish sentiment. The increase in the open interest (OI) rate and the phenomenon that more short positions were liquidated than long positions indicate that speculators in the futures market generally expect SHIB prices to continue to rise.
However, the upward trend of SHIB is not without risks. The price fluctuations of mainstream cryptocurrencies such as Bitcoin may have a certain impact on the trend of SHIB. If mainstream currencies such as BTC experience a sharp decline, the upward trend of SHIB may also be dragged down.
SHIB's recent performance is impressive, but its future trend is still uncertain. While investors are paying attention to its rising potential, they should also be wary of potential market risks.
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