As a seasoned financial analyst with extensive experience in cryptocurrency markets, I have closely monitored the recent bounce back observed in the crypto market, as indicated by CoinStats. However, my analysis of the SHIB/USD pair reveals a bearish outlook, despite today’s 3.3% rise since yesterday.
The bounce back continues on the cryptocurrency market, according to CoinStats.
SHIB/USD
The rate of SHIB has risen by 3.3% since yesterday.
Although the price of SHIB has increased recently, its hourly chart indicates a bearish trend. If the $0.00001925 resistance level is breached, a further correction towards the $0.000019 support zone may ensue.
On a larger scale, the outlook for the market remains bearish. The price has again been unable to break above the $0.00001944 threshold. If bulls don’t take control by the end of the trading day, we could see a further decline towards the $0.000018 support level.
As a crypto investor, I would advise focusing on the weekly chart’s closing price in relation to the significant support level at $0.00001944. Keep an eye on the candle’s formation and how it closes near this key point.
As an analyst, I would interpret this scenario as follows: If an event occurs in proximity or alters the price action above it without extending a prolonged wick, there exists a potential for further price appreciation towards the $0.000022 level.
SHIB is trading at $0.00001910 at press time.
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2024-07-17 18:50