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June 28, 2024 at 10:48PM SHIBUSDT Technical Analysis in Daily Timeframe.

SHIBUSDT Technical Analysis in Daily Timeframe.

SHIBA INU / Tether KUCOIN:SHIBUSDT

Cryptorphic

Hello everyone, I’m Cryptorphic.
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Now, let’s dive into this chart analysis:

SHIB/USDT is currently experiencing bearish momentum within a descending parallel channel. Key support lies around the historical support level and the channel's lower boundary.
The RSI indicates that the asset is oversold, suggesting a possible reversal or a corrective bounce in the near term.

Key Elements
~ Trend Channel: Descending channel with lower highs and lower lows, indicating bearish momentum.
~ Support: Initial support around the $0.000017000 area, tested multiple times, and lower support at $0.000013000.
~ Moving Average: Hovering around the 200-day moving average is crucial for potential resistance. A breakout above this resistance will likely indicate a rally toward $0.0000234.
~ Bullish Divergence: RSI is crucial at 31.12 in oversold territory, with potential bullish divergence suggesting a possible trend reversal.

Best entry for spot holding on SHIB: $0.000015 to $0.000013.

Mid-term Targets: $0.0000262 to $0.000043.

DYOR. NFA.

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