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Shiba Inu (SHIB) is currently displaying uncertainty regarding its future direction.
As of 6:44 am EST, the price of Shiba Inu is experiencing a 1.1% daily drop, trading at $0.00000823.
Despite the recent price decline, SHIB’s 24-hour trading volume is $123.54 million, with a market capitalization of $4.84 billion.
The SHIB price has also experienced a 4.5% increase in the past seven days and a 7.2% rise in the last 30 days.
However, it has only seen a modest 3.5% growth since the start of 2023 compared to significant tokens like Bitcoin (BTC), which has surged by 77% since January 1.
According to the daily chart analysis, SHIB’s price indicates a possibility of an upward movement.
Currently, the pair is finding effective support at $0.00000865, which has prevented further declines. SHIB has been experiencing a continuous downtrend since February, as indicated by the falling wedge and characterized by two lower lows and two lower highs.
A significant breakthrough above the wedge indicated a potential shift from a bearish to a bullish trend.
This development suggests a positive change in the market sentiment and potential opportunities for growth in the days to come. However, the SHIB/USD pair is facing a resistance position at $0.00000867, leading to a retracement in its price.
If the bears bring down the price, this would force the bulls to retreat to the $0.000006663 support zone.
SHIB Indicators Show Balance Between Bullish and Bearish Forces
The current situation of SHIB’s price suggests a delicate balance between bullish and bearish forces, with key moving averages and the RSI signaling potential directions. Traders and investors should closely monitor the 200-day EMA for possible shifts in momentum.
SHIB’s price displays remarkable resilience yet encountering difficulties surpassing the 200-day exponential moving average.
It is trading below both the 50-day and 100-day moving averages, making the situation quite precarious.
However, the 200-day exponential moving average is a crucial support level, potentially empowering the bulls to drive SHIB’s price back to its previous resistance at $0.000001589.
Nonetheless, caution is warranted, as a candlestick close below the 200-day EMA might trigger a significant downward movement, causing the price to plummet back to its former support level.
Moreover, the SHIB/USD relative strength index (RSI) indicates support for the bearish sentiment, pointing downwards towards the 50-level mark, currently at 56.
Based on the analysis provided, SHIB offers two potential trading scenarios. In the first scenario, there’s a prediction of the price surging to $0.00001185 if it rebounds on the 200 EMA.
On the other hand, if the price breaks below the 200 EMA, there’s a possibility that it could reach the support level at $0.00000621.
As investors wait for a more precise direction on the price of SHIB, yPredict emerges as an enticing opportunity to explore.
The yPredict project is currently conducting its presale and has garnered attention for offering high returns on investment, all while maintaining a low price point.
Ypredict
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