As an experienced analyst, I have closely monitored the cryptocurrency market and its trends for several years now. Based on the current information provided by CoinStats regarding SHIB/USD, I believe that buyers have gained the upper hand in the short term, with the price declining by only 0.33% over the last 24 hours. However, this brief downturn has not significantly impacted the overall technical picture of SHIB.
According to CoinStats, buying activity from market participants has proved stronger than the bearish trend that emerged at the start of the weekend.
SHIB/USD
The price of SHIB has declined by 0.33% over the last 24 hours.
As a researcher analyzing the hourly chart for SHIB, I’ve observed that following a rebound from the support level of $0.00002453, the rate of increase in SHIB is picking up. If the daily bar conclusively closes away from this support level, it’s plausible that the upward trend may persist and potentially reach the resistance at $0.00002520.
From a longer-term perspective, today’s price increase for DOGE hasn’t significantly altered its technical trend. The declining trading volume further supports this observation.
As a crypto investor, I believe the most probable outcome for the next week is sideways trading within a narrow range of $0.00002450 to $0.00002550.
Looking at the midterm perspective, the weekly bar is approaching its close quite a distance from its maximum. If bulls fail to reverse this trend, investors may not witness any significant uptick by the end of the month.
SHIB is trading at $0.00002484 at press time.
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2024-05-25 23:12