Range Trend and Potential Breakout Signals
SHIB is currently experiencing a range trend, which means its price is moving within a specific price range. Over the past week, the cryptocurrency's price has become less volatile. Additionally, the short-term upward trend line's support remains intact, which is positive for the coin's price.
However, there are certain levels to watch out for. If the support of the midline of the descending channel is broken, along with the support mentioned earlier, SHIB's price could decrease to a range of $0.000066 to $0.0000068. On the other hand, if the mentioned support levels hold, we might see a positive movement with SHIB aiming for the resistance area around $0.00000853.
Overall, SHIB is currently in a critical zone where the possibility of a significant price movement has increased. A substantial increase in trading volume could confirm whether the price will break out of its current limits. If the resistance around $0.00001 is surpassed, the next target for SHIB's price is considered to be in that range.
Regarding the RSI level of SHIB at the daily timeframe, it is currently at 51. The Relative Strength Index (RSI) is a technical indicator used to measure the momentum of an asset's price. An RSI level of 51 for SHIB suggests a relatively neutral position, indicating neither overbought nor oversold conditions. It signifies that the cryptocurrency is not showing any extreme price movements and is in a stable state.
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