As a seasoned analyst with years of experience in the volatile world of cryptocurrencies, I find myself analyzing the latest movements of Shiba Inu (SHIB) with both intrigue and caution. The red zone trend across most coins today is a stark reminder that the crypto market can be as unpredictable as a game of fetch with my own Shiba Inu pup.
The majority of the coins are in the red zone today, according to CoinStats.
SHIB/USD
The rate of SHIB has declined by 7.59% over the last day.
Looking at the hourly graph, the Shiba Inu coin’s price has rebounded from its support level at approximately $0.00002395. If today’s closing price strays significantly from this point, it suggests potential growth towards the $0.000025 region.
Over a longer period, the outlook appears more negative than positive since the rate is approaching its support level. If the bearish pressure persists, there’s a chance we might witness a breakout, leading to a potential drop within the $0.000021-$0.000022 range.
Looking at the mid-point of the trend, neither side seems to have a clear advantage since the SHIB price remains significantly away from key resistance and support levels. Therefore, it’s reasonable to expect that the coin will continue its current sideways movement until the end of the week.
SHIB is trading at $0.00002401 at press time.
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2024-11-26 17:56