- Low trading volume shows uncertainty in the market.
- The price target of $0.0000247 is important for the next few days.
Right now, Shiba Inu [SHIB] shows signs of going down. The low trading volume in the last weeks means people are unsure. Buyers are weak, and sellers have not hit hard in recent days.
The price of Shiba Inu may change based on Bitcoin’s [BTC] price. If it drops below a certain point, SHIB might fall to around $0.000017 or even lower.
Shiba Inu is more likely to rise than fall
Source: SHIB/USDT on TradingView
Shiba Inu is trading between $0.0000211 and $0.0000246. This range includes important price levels from June 2024.
Trading volume has dropped over the last three weeks. SHIB has stayed around $0.00002325. People are waiting for a strong trend before they trade.
The Relative Strength Index (RSI) is below 50. It shows bearish momentum is present, but there is still hope for buyers.
Warning for Traders
There are two main problem areas for traders: $0.00002117 and $0.00002312. These are levels where many traders may face losses.
If SHIB pushes to either level, it will be important to decide what to do. The market may go up to $0.00002464 if it breaks north.
This is not financial advice. It is just the writer’s opinion.
Vocabulary List:
- Volume /ˈvɒl.juːm/ (noun): The amount of trading activity measured by the number of shares or contracts traded.
- Momentum /məˈmɛn.təm/ (noun): The force or speed of movement of a market trend.
- Bearish /ˈbɛərɪʃ/ (adjective): Indicating a downward trend in the price of a security or market.
- Target /ˈtɑːrɡɪt/ (noun): A specific goal or price level that market participants aim to reach.
- Trend /trɛnd/ (noun): A general direction in which something is developing or changing in the market.
- Uncertainty /ʌnˈsɜr.tən.ti/ (noun): The state of being unsure or having doubts in the market conditions.
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