Analysis of SHIB charts: key levels to consider.$SHIB 🦊
#ProjectCrypto ✨💥✨💥
The SHIB chart showed the formation of a cup and handle pattern from the highs of May, through the lows of June, and ending at the highs of July. However, after reaching $0.00001597, the price failed to consolidate and pulled back. The trading volume remains low, which reduces the likelihood of sharp movements in the short term.
Currently, the trend of SHIB continues to be bearish, with few signs of immediate recovery.
🦊Relevant resistance levels:
🔸$0.000015: critical zone. A sustained breakout above this level could trigger a significant rally.
🔸$0.000018: major resistance, as it groups a large number of holders, which could create selling pressure.
🔸$0.000020: subsequent bullish target. Its surpassing would imply a confirmation of trend, although it faces strong resistance.
🦊Current support levels:
🔸$0.00001170: immediate support. Its breakdown would indicate a continuation of bearish movement.
🔸$0.00001100: stronger support, backed by significant prior accumulation. If this level breaks, the price could head towards $0.00001000.
The RSI at 43 points indicates that SHIB is not yet in the oversold zone, which reduces the likelihood of a technical bounce in the short term.
