As an experienced financial analyst, I have closely monitored the cryptocurrency market for several years now. Based on the data provided by CoinMarketCap and my technical analysis of the SHIB/USD chart, it is clear that buyers are not yet ready to re-enter the market with confidence. The sharp drop in the price of SHIB since yesterday, which stands at around 7%, is a strong indication of this trend.
Buyers are not ready yet to return to the game, according to CoinMarketCap.
SHIB/USD
The price of SHIB has fallen by almost 7% since yesterday.
Despite today’s significant decline, the SHIB price is currently hovering around its local support level of $0.00002206. If a rebound fails to materialize by the end of the day, we may see a dip towards the $0.000021 area tomorrow.
On a daily basis, no signs of a price reversal have emerged as the market approaches its closing low. It’s likely that the downward trend will continue, potentially reaching a level of $0.000020 before the week is over.
As a market analyst, I’d observe that from my current vantage point, SHIB‘s price trend seems to be gravitating towards its previous support level of around $0.00002136 as we approach the mid-term mark.
If the weekly bar closes below it, one can expect a test of the $0.000016-$0.000019 area in May.
SHIB is trading at $0.00002227 at press time.
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2024-04-30 20:16