As an experienced analyst, I have observed the cryptocurrency market for years and have seen how quickly things can turn around. Shiba Inu (SHIB) is currently in a dire state after the most recent price plunge, but things may change rapidly. Based on my analysis of SHIB’s chart, there are three key levels to watch if you are trying to catch the falling knife: $0.000018, $0.000015, and $0.0000096.
Shiba Inu is currently facing significant difficulties following the recent decline in its price. However, it’s important to remember that the crypto market has a reputation for experiencing rapid turns around. Three potential support levels to keep an eye on if you’re considering purchasing during this downturn are $0.000018, $0.000015, and $0.0000096. Let’s explore the reasons behind these levels.
Initially, the importance of the $0.000018 mark stems from it being the recent point of support that Shiba Inu (SHIB) needs to reclaim in order to suggest any signs of a potential turnaround. Historically, this price point has functioned as both a level of resistance and support for SHIB. It’s promising to observe SHIB gathering strength at this level once more.
The 100 Exponential Moving Average (EMA) on SHIB‘s weekly chart signifies the significant level of $0.000015. This technical indicator is often pivotal as it represents a noteworthy line of support or resistance. Should SHIB manage to surpass this moving average, it could be taken as a signal that the asset is regaining stability and attracting more investors. Maintaining any bullish trend and avoiding further drops necessitates staying above this level.
As an analyst, I’d like to point out that the price level of $0.0000096 holds significance for SHIB in the long term. This figure acts as a psychological barrier and a historical support area. A notable pullback from current highs would be signaled if SHIB were to dip down to this price point. However, for those who have yet to invest in SHIB or long-term investors, such a decline could present an attractive buying opportunity.
If the price bounces at its current level on the SHIB/USDT charts, there’s a high probability for a substantial price turnaround and a robust accumulation phase. These levels hold significant importance based on the chart analysis. The recent downtrend has driven the RSI (Relative Strength Index) below 40 on both the daily and weekly charts, indicating that SHIB has entered the oversold zone – a preliminary sign of an impending reversal.
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2024-06-21 11:52