Technical Analysis of Shiba Inu’s Native Token
The native token of Shiba Inu has been experiencing a bearish price movement recently, with a potential further decline in the short term. Let’s take a closer look at the technical analysis of SHIB/USDT and SHIB/BTC charts.
SHIB/USDT Chart:
– The price has been rejected at the $0.000011 resistance level.
– It has dropped below the 50-day and 200-day moving averages at $0.0000085 and $0.0000095, respectively.
– The current resistance from the 50-day moving average is preventing a potential recovery.
– If SHIB fails to break above this resistance, it may target the significant $0.000006 support zone in the coming weeks.
SHIB/BTC Chart:
– Similar to the USDT chart, the price has been rejected at the 0.035 SAT resistance level.
– The 50-day moving average is currently providing support at the 0.03 SAT mark.
– If the support holds, it could lead to a rally and a retest of the 0.035 SAT level.
– However, a bearish breakout could result in a drop towards the 0.024 SAT zone, which could be a crucial level of support for investors.
In conclusion, Shiba Inu’s native token is facing resistance levels on both the USDT and BTC charts. A failure to break above these resistances could lead to further declines in the short term. However, if the support levels hold, there is a possibility of a potential recovery. Keep a close eye on these key levels to make informed decisions about your SHIB investments.
Hot Take: Shiba Inu’s native token is currently facing bearish price action, and it may continue to decline in the short term. However, there is still a chance for a potential recovery if key support levels hold. Stay vigilant and monitor the charts closely to make smart investment decisions.
By
By
By