đ„Shiba Inu Coin (SHIB) is about to make a big move? đ
Looking at the 1000SHIB/USDT chart, it feels like SHIB investors and traders may be facing a critical moment. After the big drop earlier this year, SHIB has been consolidating in a key resistance area for the past few months. Now, we may be witnessing a big breakthrough!
Let's analyze it in detail:
đ Technical Overview:
Resistance Zone: The marked area (roughly between 0.0188 and 0.02) has been a battleground for bulls and bears for the past few months.
Downtrend Line Break: SHIB has been held down by a steep downtrend line since its high at the beginning of this year. But recent price action shows that this line is starting to loosen up, and once it breaks through, it may be the beginning of a new wave of gains.
Current Price Trend: SHIB has surged 21.18% in 24 hours, which looks fierce. The price has returned to the resistance zone and may test the next resistance level next.
đ Potential upside targets:
If SHIB can successfully break through this resistance zone, the next big target is around 0.0457, which is similar to the previous high. If bullish sentiment continues to rise, the increase will be huge.
đ Key points:
Volume surge: A sudden increase in trading volume may be a signal of a breakout, so keep an eye on buying pressure.
Market sentiment: The entire cryptocurrency market is recovering, and altcoins like SHIB can also benefit from it.
RSI/Momentum indicators: Keep an eye on momentum indicators (such as RSI) to see if SHIB is about to be overbought. Overbought may mean a short-term correction, and then rush after the correction.
đ What should traders do?
Breakout traders: If the price breaks through the current resistance zone steadily, it is a good time to enter the market and follow the rise to the next target.
Risk management: Don't forget to set a stop loss point, especially near the key support level of 0.0188, or even lower, to prevent false breakthroughs or pullbacks.
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