As an experienced analyst, I have closely monitored the SHIB market and its price action over the past few months. Based on my analysis, I believe that SHIB is showing clear signs of a potential uptrend after a prolonged correction. Here’s why:
After a long correction, SHIB is giving clear signs it wants to go higher.
Key Support levels: $0.000025
Key Resistance levels: $0.000030
1. SHIB Making Higher Highs
Towards the end of May, SHIB reached a new peak before experiencing a brief dip in early June. This price action indicates that an upward trend may be imminent. Such a development would not come as a shock given the recent achievements of meme coins like PEPE hitting new milestones. If buying pressure persists, the next objective for SHIB is to surmount the resistance level at $0.000030.
2. Buyers Hold Strong
As a researcher studying the price movements, I’ve observed that the price found solid footing at the $0.000025 mark despite attempts from sellers to push it below. This level of resistance continues to be crucial, as buyers remain in control as long as it holds. Additionally, the momentum is shifting towards the bulls, making it increasingly challenging for bearish sellers to maintain their positions.
3. Bullish Momentum Picking Up
As an analyst, I believe June could be the month where SHIB regains prominence in the crypto market. Following a prolonged period of sideways trading during April and May, recent data indicates that buying pressure is making a comeback. One such indicator is the Moving Average Convergence Divergence (MACD) histogram on the 3-day chart, which reveals clear higher lows. A bullish cross is imminent, further reinforcing this optimistic outlook.
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2024-06-05 15:12