As a seasoned researcher with years of experience navigating the cryptocurrency market, I’ve seen my fair share of bulls and bears, moonshots, and dump-and-runs. Today, looking at the SHIB/USD pair, it seems we might be facing another challenging phase. The price drop over the last day is a clear sign that the market may need some time to regain its energy for a further move.
The market might need time to gain energy for a further move, according to CoinStats.
SHIB/USD
The price of SHIB has dropped by almost 17% over the last day.
Although there’s a drop observed today, the Shiba Inu coin (SHIB) appears to be following a downward trend on the hourly chart. Currently, its price is close to the support level at around $0.00002333.
If the pressure on bears persists, it could potentially lead to a level breakout, which might be followed by a re-test of the $0.000023 region.
Over a longer period, traders should keep an eye on the daily closing price approaching the $0.00002440 mark. If it does and the day ends close to its lowest point, there could be a correction that might take us towards testing the $0.000021 to $0.000022 range relatively soon.
Looking at the weekly graph, the SHIB rate appears to have experienced an unconfirmed breakout above the resistance point of $0.00002954. If the upcoming bar finishes near current prices or lower, traders might observe a potential retest of the support level before the end of this month.
SHIB is trading at $0.0000024 at press time.
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2024-11-13 15:27