- Analyst identifies critical support levels at 0.00001781 USDT, pivotal for potential price rebound.
- Technical indicators, including the 20-period SMA, highlight dynamic market trends and trading activity.
- Recent resistance near 0.00001803 USDT poses a challenge amid SHIB’s price recovery efforts.
Crypto analyst SHIB KNIGHT recently shared a technical analysis of Shiba Inu (SHIB), highlighting key price movements, support and resistance levels, and indicators that could shape the popular meme coin’s short-term trajectory.
Good Morning #ShibArmy ️️
Charts are recovering. $SHIB is doing better. We all love green candles. https://t.co/ELyPXFlnkS pic.twitter.com/oGQ9XitPdK
— $SHIB KNIGHT (@army_shiba)
June 19, 2024
The latest analysis reveals a dynamic scenario for SHIB against USDT (Tether), showcasing recent price movements and technical indicators. At the time of the latest update, SHIB was priced at 0.00001815 USDT, marking a decrease of 0.00000119 USDT or 6.16%.
This follows a period of a downward trend observed in recent candlestick patterns, although a modest recovery has been noted. This data illustrates price levels ranging from 0.00001700 to 0.00002000 USDT, reflecting substantial volatility in the market.
$SHIB did a small bounce on support, waiting for more. https://t.co/3UfKi0QJRs pic.twitter.com/jp42mc1zZQ
— $SHIB KNIGHT (@army_shiba)
June 18, 2024
Technical indicators such as the 20-period Simple Moving Average (SMA) have been referenced in the analysis, providing insights into market trends. Volume spikes have also been observed, correlating with price movements and indicating active trading in the SHIB market.
An important observation from the analysis is SHIB’s position relative to key support levels. Currently, it is noted to be on a critical support level around 0.00001781 USDT on the weekly chart. Analysts suggest that this support level could influence future price movements, potentially leading to a rebound.
Source: SHIB KNIGHT
Recent price actions have shown SHIB testing resistance near 0.00001803 USDT, with previous peaks followed by declines. This resistance level highlights a critical juncture for SHIB’s short-term price performance.
As of press time, SHIB is priced at $0.00001858, recording an increase of 1.80% in the last 24 hours. However, in the past week, SHIB has faced a decline of -16.24%. This fluctuation highlights the volatility typical in the cryptocurrency market, impacting investor sentiment and trading activity.
The current situation in the SHIB market shows a mix of support and resistance levels, alongside fluctuating trading volumes. Analysts are closely watching these changes and sharing their insights with the SHIB community as the market evolves.
Disclaimer: The information presented in this article is for informational and educational purposes only. The article does not constitute financial advice or advice of any kind. Coin Edition is not responsible for any losses incurred as a result of the utilization of content, products, or services mentioned. Readers are advised to exercise caution before taking any action related to the company.
https://coinniu.com/shiba-inus-price-volatility-a-test-for-the-meme-coin-community/
