As a seasoned analyst with years of experience in the crypto market, I’ve seen my fair share of bull runs and bear markets. Today, looking at Shiba Inu (SHIB), it seems we are in a holding pattern. The rate has increased by 3.31% over the last day, which is not bad, but nothing to write home about either.
Bulls are trying to hold the initiative on the last day of the week, according to CoinStats.
SHIB/USD
The rate of SHIB has increased by 3.31% over the last day.
In simpler terms, when viewing a one-hour chart, Shib’s price is positioned within its current trend range. It’s neither significantly higher than the potential support at $0.00003120 nor lower than the possible resistance at $0.00003343.
As most of the ATR has been passed, any sharp moves are unlikely to happen by the end of the day.
Looking at a larger time scale, the price of this meme coin has rebounded from its resistance level at approximately $0.00003316. If the closing price strays significantly from this point, there may be a correction towards the $0.000031 region.
Looking ahead to the midterm, it’s advisable to keep an eye on the weekly closing price, specifically the $0.00003316 mark. If the closing falls below this level, buyers might lose control, potentially causing a drop down to around $0.000030.
SHIB is trading at $0.00003225 at press time.
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2024-12-08 18:39