SHIBA INU USDT
SHIB / TetherUS BINANCE:SHIBUSDT
Paying attention to the possibilities in the financial markets is one of the basic principles of business.
Therefore, certainty in the market has no meaning.
Saturday, August 19, 2023
August 19, 2023 at 08:58AM SHIBA INU USDT
August 19, 2023 at 12:38AM SHIB Price Bounces From Trendline; Will It Trigger A Reversal?
SHIB Price Bounces From Trendline; Will It Trigger A Reversal?
SHIB / TetherUS BINANCE:SHIBUSDT
- 23% Fall with Recovery: Despite a 23% fall in the recent correction, SHIB coin price resurfaced above the support trendline, unlike Bitcoin.
- Sharp Recovery: SHIB prices showed a sharp recovery of 5.66% from the support trendline.
- Opposition from 50-day EMA: The recovery rally faced resistance from the 50-day EMA.
- Bitcoin's Trendline Break: Bitcoin's sharp increase in selling pressure broke its support trendline, bringing its market value to $26K.
- Shiba Inu's Bounce Back: Unlike Bitcoin, Shiba Inu managed to bounce back from the support trendline, though the 5.66% recovery was small compared to the 23% fall.
- Golden Crossover Limited: SHIB's downfall limited the chances of a golden crossover, flattening the 50-day EMA.
- Trading Close to Fibonacci Level: SHIB trades close to the 23.60% Fibonacci level of the long correction in early 2023, currently at $0.00000838.
- Bullish Technical Indicators: Despite rising selling pressure, technical indicators like stochastic RSI lines and RSI line show bullish signs.
- Potential Downfall: The intraday loss warns of high supply at the 50-day EMA, possibly leading to a 14% discount to $0.00000711.
- Optimism for Recovery: Optimism in technical indicators and buyers at the trendline might halt the downtrend, with a recovery rally targeting the 200-day EMA.
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