As a researcher with extensive experience in cryptocurrency market analysis, I find this current trend of SHIB/USD intriguing. Based on the data provided by CoinStats and my own analysis of the price action, it appears that SHIB has experienced a minor increase of 0.52% since yesterday. However, this uptick may be short-lived as the hourly chart indicates a false breakout of the local resistance at $0.00001764.
Traders may witness a market bounce off, according to CoinStats.
SHIB/USD
The price of SHIB has increased by 0.52% since yesterday.
On the hourly chart, SHIB‘s hourly price has appeared to breach the local resistance of $0.00001764, but if the daily bar finishes significantly away from this level, there is a possibility for a correction back to the $0.00001720 zone before the next day.
Looking at the larger time perspective, the price has rebounded from the support level of $0.00001696. While it’s premature to anticipate an uptrend, if the candlestick forms a significant distance from the bottom line, there is a likelihood for sideways trading within the range of $0.00001750 to $0.000018.
When considering the midterm perspective, it’s important to keep an eye on the weekly closing prices reaching the $0.00001696 mark.
If it happens far from it, buyers might face a bounce back to the $0.000019 zone.
SHIB is trading at $0.00001737 at press time.
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2024-06-27 18:35