A naukri.com initiative
Cryptoticker
4d
267
Image Credit: Cryptoticker
If You Hold SHIB, Read This Before the Price Moves Again
- Shiba Inu (SHIB) price is currently trading at $0.00001274 on the hourly chart and $0.00001281 on the daily chart, facing a critical phase of defending key support or risking deeper corrections.
- On the hourly chart, SHIB price is forming a potential double-bottom pattern just above key support with a chance of a short-term bullish reversal if it closes above the 20-hour SMA around $0.00001285.
- The Heikin Ashi candles on the hourly chart indicate fading bearish momentum, and a push above $0.00001291 could target the confluence zone between $0.00001309 and $0.00001331.
- Looking at the daily chart, SHIB's broader trend appears bearish with rejection from the 20-day SMA, hinting at a continued downtrend unless a significant breakout occurs.
- The $0.00001276 support level has held well, but a crack could lead SHIB price towards the next major support near $0.00001150, implying a potential 10% drop.
- On the upside, reclaiming $0.00001330 could shift sentiment to bullish, targeting levels around $0.00001400 and potentially $0.00001700 where the 200-day SMA lies.
- Calculations show an 8.58% gain to resistance at $0.00001391 and a 10.23% loss if the price hits $0.00001150, giving a slightly unfavorable risk-reward ratio unless SHIB convincingly breaks $0.00001330.
- SHIB price is at a crucial level for a potential trend reversal or breakdown, with indicators showing consolidation above long-term support and a flatting moving average.
- Investors should watch for the $0.00001330 level on the daily chart and $0.00001291 on the hourly chart as breakout zones, potentially leading to an 8–10% rally if cleared.
Read Full Article
16 Likes
For uninterrupted reading, download the app