As a seasoned researcher with extensive experience in analyzing cryptocurrency markets, I’ve seen my fair share of price movements and trends. SHIB‘s recent bounce from the key support level at $0.000018 is an interesting development that calls for careful analysis.
SHIB finally woke up after a 15% bounce on the weekly chart.
Key Support levels: $0.000018
Key Resistance levels: $0.000025
1. SHIB Bounces on Key Support
Following the trend of the majority of the market, Shiba Inu (SHIB) experienced a significant rebound from its support at $0.000014 and climbed above $0.000018. This level now serves as the new support. If SHIB manages to hold this crucial point, investors could consider setting their sights on $0.000025 as their next objective.
2. Volume Remains Low
As a crypto investor, I’ve noticed that despite a robust rally since early July, the buying volume hasn’t been impressive. This lackluster buying activity is a red flag and could pave the way for sellers to resurface as prices continue to climb. To boost my confidence in this market trend, I believe stronger buying conviction is necessary.
3. MACD Bullish Cross
In the past two days, the MACD indicator has signaled a bullish crossover, implying that the correction for SHIB may have come to an end. If the bottom price for SHIB was around $0.000014, then investors could anticipate this meme coin to potentially rise in the upcoming weeks and test the resistance level at $0.000028.
For more updates on the ecosystem, make sure to check out our Shibarium news.
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2024-07-17 16:20