As a researcher with a background in cryptocurrency analysis, I have been closely monitoring the recent trends in the market, specifically regarding SHIB/USD. Based on the data from CoinMarketCap and the hourly chart, it appears that buyers have returned to the game, as evidenced by a 6.45% increase in price over the last 24 hours.
Buyers have come back to the game, according to CoinMarketCap.
SHIB/USD
The price of SHIB has increased by 6.45% over the last 24 hours.
On the hourly chart, SHIB‘s price is approaching the nearby support level more closely than the resistance. Should buyers fail to hold the intermediate price of $0.00002540, a further decline towards $0.000025 may ensue.
In the long term perspective, the buying momentum couldn’t sustain its upward trend following the bullish market close from the previous day.
As a crypto investor, if the candle fails to close near the $0.000026 mark, I would keep an eye out for a potential correction down to $0.000025.
As a researcher studying the price action of a particular cryptocurrency, I would say: From my perspective halfway through the current week, it’s premature to make any definitive predictions. Nevertheless, should the weekly candle close above $0.000026 without a significant wick, the bullish trend could potentially persist, pushing the price towards the resistance level of $0.00002820.
SHIB is trading at $0.00002561 at press time.
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2024-05-21 16:21