Technical analysis for the $SHIB /USDT pair, along with trade signals and three target levels based on current market data.
Technical Analysis for $SHIB /USDT:
Current Price: $0.00003163 (up 3.54% in the last 24 hours)
24h High: $0.00003300
24h Low: $0.00002872
Support Level: $0.00002872
Resistance Level: $0.00003300
Momentum Indicators:
MACD: The MACD is showing a bullish cross, indicating a strong upward momentum in the short-term.
RSI (Relative Strength Index): Currently at 62, which suggests that $SHIB is in the neutral zone but approaching overbought territory. A potential pullback could happen if RSI crosses above 70.
Moving Averages: The 50-period MA is crossing above the 200-period MA, signaling a potential bullish trend.
Trade Signals & Targets:
Buy Signal:
Entry Point: Buy at the current price of $0.00003163 or if the price consolidates above $0.00003150.
Stop Loss: Set a stop loss at $0.00002850 to limit downside risk.
Take-Profit Targets:
1. Target 1: $0.00003300 (Resistance Level) — A potential price level where traders can take partial profits.
2. Target 2: $0.00003400 — This level marks a next potential resistance point.
3. Target 3: $0.00003550 — A more aggressive target based on the current bullish momentum.
Trade Momentum:
Short-Term Momentum: The market is currently bullish in the short-term due to the positive price movement and the MACD cross. Traders should focus on buying dips near support levels.
Medium-Term Momentum: With RSI still under 70, there’s room for the price to move further up. If SHIB continues above $0.00003200, the momentum will likely push prices higher.
Risk Consideration: Since SHIB has shown strong volatility, use tight stop losses to manage risk effectively.
Summary:
Buy at: $0.00003163 (or higher)
Stop Loss: $0.00002850
Targets:
Target 1: $0.00003300
Target 2: $0.00003400
Target 3: $0.00003550