Disclaimer: The opinions expressed by our writers are their own and do not represent the views of U.Today. The financial and market information provided on U.Today is intended for informational purposes only. U.Today is not liable for any financial losses incurred while trading cryptocurrencies. Conduct your own research by contacting financial experts before making any investment decisions. We believe that all content is accurate as of the date of publication, but certain offers mentioned may no longer be available.
A crucial resistance level that might determine Shiba Inu's short-term course is drawing near. Since the asset's recent rally appears to be slowing down, SHIB is probably going to experience a lot of selling pressure near the transactional resistance level of five trillion SHIB that has the power to make or break its next significant price shift.
On its chart right now, SHIB is displaying a mixed dynamic. Despite a notable increase earlier, it seems to be losing steam. It is obvious that bulls may be losing steam, as they are unable to continuously surpass $0.00003300 because market participation and volume are not strong enough to sustain another significant upward leg. Based on an Analysis of the chart, SHIB is positioned close to $0.00003000, which has served as a short-term support level.
However, considering the drop in trading volumes over the last few days, this support level appears brittle. A decline toward $0.00002700, or even $0.00002500, may occur if SHIB is unable to hold onto this zone. Both levels are significant because, according to past trading activity, they serve as important supports. On the other hand, Shiba Inu might try to rally back to $0.00003500 or higher if bulls are able to muster the strength to overcome the impending resistance at $0.00003300.
Arman ShirinyanBut to do this, market participation would need to increase, which does not seem to be happening right now. The market's indecision is further highlighted by the Relative Strength Index (RSI), which displays SHIB hovering in a neutral zone. Shiba Inu has a difficult time sustaining its bullish trajectory because of the lack of traction and decreased enthusiasm compared to earlier rallies.
To determine the asset's next move, investors should look for a breakout above $0.00003300 or a breakdown below $0.00003000. As the market moves through this crucial resistance level, caution is currently advised.
Alex Dovbnya
Dan Burgin
Vladislav Sopov