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Wednesday, May 1, 2024
May 01, 2024 at 08:42AM SHIB's Critical Dip
SHIB's Critical Dip
SHIB / TetherUS BINANCE:SHIBUSDT
This price point is closely approaching a critical support level at 2098, situated at the bottom of a previous gap, indicating a significant area where the asset might find a footing if the downtrend continues.
The current price is nearing the lower Bollinger Band, suggesting that SHIB is potentially entering an oversold territory. This could be a precursor to either a continuation of the bearish trend or a reversal if the asset is deemed too undervalued.
Volume: The trading volume is exceptionally high at 1.078 trillion SHIB, indicating significant market activity. Such high volume associated with a downtrend typically confirms strong selling pressure.
The price is below the SMA of 2207, signaling bearish momentum. Prices below the SMA generally indicate that the asset is currently in a downturn relative to recent price history.
The %K (10.2) and %D (11.6) values are below 20, which often suggests the asset is oversold and might either see a short rebound or continue to drop if the selling pressure doesn't ease.
At 26, the RSI further confirms that SHIB is oversold. This indicator often signals that the selling may be overextended, and a reversal could be imminent, depending on market conditions.
The MACD line below the signal line with a negative histogram value reinforces the strong bearish momentum observed in the market.
The chart indicates a robust resistance to upward movement, suggesting that any potential recovery may need significant volume and buyer interest to break past established resistance levels, particularly around 2552. With the market indicators pointing towards an oversold condition, investors should watch for potential stabilization or a minor price recovery. However, the overarching sentiment remains bearish, and caution is advised. This technical posture might offer a strategic point for traders to consider entry for a short position if expecting further decline, or to prepare for a possible buying opportunity should the indicators suggest a strong reversal is likely.
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April 29, 2024 at 11:21AM Shibusdt H1
Shibusdt H1
SHIBA INU / TETHER COINEX:SHIBUSDT
Hello
We see the Shiba price chart that the price has been able to cross the swap zone, and now we have determined an entry point in the retracement in the specified area.
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April 28, 2024 at 05:28AM Will This Scenario Repeat itself?
Will This Scenario Repeat itself?
SHIB / TetherUS BINANCE:SHIBUSDT
I still don't understand the value added for Shiba Inu neither it's differentiation strategy from other crpto, yet people invest in it in hopes to make some profits. I don't invest with such mindset lacking future vision and mission, however this trend analysis stood me.
This is not a financial advice. It's only my own idea.
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