By looking at the Japanese candlestick images and technical indicators on pair $SHIB , the following can be noted:
General technical analysis:
1. Japanese Candlestick Pattern:
Long lower shadow candles appeared at the bottom (near 0.00001028), indicating the market's rejection of the decline and strong buying demand at this level.
The recent movement shows consecutive green candles, indicating a potential start of recovery.
2. Moving Averages (MA & EMA):
The price is currently below EMA 25 and EMA 99, but it is close to the crossover of EMA 7 with EMA 25 from below, which is considered an initial positive signal if confirmed.
The short moving average (MA 5) has started to rise above MA 10, which is an early sign of a trend reversal.
3. Relative Strength Index (RSI):
RSI is moving near 48, meaning it is not in the overbought or oversold zone, allowing room for further upward movement without selling pressure.
4. MACD Indicator:
Still in the negative zone, but there is convergence between the lines and the emergence of some green bars, indicating weakness in the downward trend and a potential beginning of a reversal.
5. Stochastic RSI Indicator:
Moving in a neutral zone (63%), but trending upward, which supports the likelihood of continued short-term increases.
6. Williams %R Indicator:
Gradually improving from oversold areas, which also supports the possibility of the beginning of an upward wave.
Summary:
Current technical indicators give early positive signals for a possible rise in SHIB's price in the coming days, especially if resistance at the level of 0.00001360 is broken and maintained above it.
In the medium term, it is essential to monitor the crossover of the moving averages and the complete shift in MACD to confirm the upward trend.
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