SHIB/USDT (Shiba Inu) price action
1. Price Action Overview:
2. Support and Resistance Levels:
Resistance Levels:
Support Levels:
3. Trendline Support:
SHIB is currently testing support from an upward-sloping trendline, which has been respected multiple times. As long as SHIB stays above this trendline, the broader trend remains bullish.
Confluence of Support: The trendline support and the 0.00001700 level provide a confluence of support, making this a key area to watch for either a bounce or a breakdown.
4. Volume Profile:
5. RSI (Relative Strength Index):
6. Moving Averages:
50-period and 100-period Moving Averages: The price is trading near the 50-period moving average (blue), which has acted as a dynamic support level. If the price holds above the 50-period MA, this could signal a continuation of the uptrend.
7. Potential Scenarios:
Bullish Scenario (Bounce from Support):
Bearish Scenario (Breakdown Below Support):
Neutral Scenario:
8. Conclusion and Strategy:
Key Levels to Watch:
Overall, SHIB is at a critical juncture, and the next few candles will provide more clarity on whether it can bounce off the support or see further downside.
- Current Price: SHIB is trading around 0.00001753 USDT after a recent pullback from its local high.
- Recent Spike and Retracement: SHIB had a sharp upward move, but it faced resistance near 0.00001900. After hitting this resistance, the price retraced back to the current level. Now it’s consolidating while testing support and trendline areas.
2. Support and Resistance Levels:
Resistance Levels:
- 0.00001900: The price faced resistance around this level after the recent upward spike.
- 0.00002000: This is a psychological resistance zone and a key level to watch if SHIB breaks higher.
Support Levels:
- 0.00001700: This is a support level where the price is currently holding. It is also supported by an upward trendline (blue line).
- 0.00001500: If the price fails to hold the current support, the next level to watch is around 0.00001500, where there’s additional support from both a horizontal level and a rising trendline.
3. Trendline Support:
SHIB is currently testing support from an upward-sloping trendline, which has been respected multiple times. As long as SHIB stays above this trendline, the broader trend remains bullish.
Confluence of Support: The trendline support and the 0.00001700 level provide a confluence of support, making this a key area to watch for either a bounce or a breakdown.
4. Volume Profile:
- High Volume Nodes (HVN): The volume profile on the left indicates significant volume around 0.00001600–0.00001700, which aligns with the current price area. This suggests that there’s buying interest at this level, and it could act as support.
- Low Volume Areas (LVA): Above 0.00001900, the volume tapers off, meaning that if SHIB breaks above this level, it could rise quickly toward 0.00002000.
5. RSI (Relative Strength Index):
- RSI at 47.45: The RSI is near neutral but slightly rising from oversold territory, indicating that the selling momentum has eased, and a potential reversal could be in play.
- Previous RSI Behavior: When the RSI has been in oversold levels (below 30), SHIB experienced a bounce, while overbought conditions (above 70) led to corrections. Currently, the RSI shows room for upward movement before becoming overbought.
6. Moving Averages:
50-period and 100-period Moving Averages: The price is trading near the 50-period moving average (blue), which has acted as a dynamic support level. If the price holds above the 50-period MA, this could signal a continuation of the uptrend.
7. Potential Scenarios:
Bullish Scenario (Bounce from Support):
- If SHIB holds above 0.00001700 and the trendline support, it could retest resistance at 0.00001900.
- Next Targets: A break above 0.00001900 would target the 0.00002000 psychological level, with the potential for further gains if there’s strong buying volume.
Bearish Scenario (Breakdown Below Support):
- If SHIB breaks below 0.00001700 and the trendline, the next target is 0.00001500, where the next support lies. A break below 0.00001500 could lead to a deeper correction toward 0.00001300.
Neutral Scenario:
- If SHIB continues to consolidate around 0.00001700–0.00001800, it could remain in a range-bound state, with the next significant move being dictated by broader market conditions.
8. Conclusion and Strategy:
- Current Bias: Neutral to slightly bullish as SHIB is holding above key trendline support and the RSI is indicating potential for upward movement.
Key Levels to Watch:
- Support: 0.00001700 (current level) and 0.00001500 (next strong support).
- Resistance: 0.00001900 and 0.00002000.
- Strategy: Consider a long position if SHIB holds above the 0.00001700 support, with targets at 0.00001900 and 0.00002000. Use a stop-loss below 0.00001700 to minimize risk in case of a breakdown.
Overall, SHIB is at a critical juncture, and the next few candles will provide more clarity on whether it can bounce off the support or see further downside.
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