After navigating the turbulent waters of the crypto market for several years now, I’ve learned to keep a watchful eye on critical resistance levels like the one Shiba Inu is approaching. The recent rally seems to be losing momentum, and if history repeats itself, we might see some heavy selling pressure near the five trillion SHIB mark.
Approaching resistance levels could significantly influence Shiba Inu’s short-term trends. Given that the asset’s upward momentum seems to be decelerating, it’s likely that Shiba Inu will encounter intense selling pressure as it nears the transactional resistance level of approximately 5 trillion SHIB. This level holds significant power, potentially shaping or reshaping its next major price movement.
Currently, SHIB’s graph shows a blend of bullish and bearish trends. After an initial strong rise, its momentum appears to be slowing down. It seems the bulls might be running out of energy, as they fail to consistently break through the $0.00003300 mark due to weak market involvement and volume that can’t support another major upward push. According to chart analysis, SHIB is hovering around the $0.00003000 level, which has previously acted as a temporary floor of support.
Given the decrease in trading activity recently, this support level seems fragile. A potential drop towards $0.00002700 or even $0.00002500 could occur if Shiba Inu fails to maintain this area. These levels are important because they have historically functioned as strong supports in the market. Conversely, Shiba Inu might attempt a rebound to $0.00003500 or higher if buyers can gather sufficient force to surpass the anticipated resistance at $0.00003300.
It appears that for this to occur, there should be more market involvement, but at present, it seems we’re not seeing much increase. The market’s uncertainty is underscored by the Relative Strength Index (RSI) showing Shiba Inu in a neutral position. Sustaining its upward trend has been challenging for Shiba Inu due to weak momentum and diminished excitement compared to previous surges.
To predict the asset’s future direction, investors need to watch for it crossing above approximately $0.00003300 (potential breakout) or falling below $0.00003000 (possible breakdown). At this critical point in the resistance level, it’s currently wise to exercise caution.
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2024-12-09 15:37