1000SHIBUSDT Perpetual (2024-12-31):
5-minute chart:
. The formation of a "double bottom" at 0.020505 and 0.020521 has been confirmed, marking a possible reversal signal of the previous downtrend.
. The current price of 0.021297 indicates that the asset managed to stay above the day's open (0.021135) and the VWAP (0.020919), in addition to breaking important resistances in the moving averages, such as the 50 MM (0.021021) and the 20 MM (0.021146), which now act as dynamic supports.
. The consolidated region between the 0.021705 and 0.021750 POCs represents a crucial resistance for the price advance.
. However, breaking this resistance will demonstrate buying strength, suggesting that the price may seek to test the high of the day at 0.021881 and, subsequently, the relevant previous high at 0.022438.
. To validate the continuation of the uptrend, the price will need to consolidate above the mentioned POCs.
. We must take into account that the downtrend is still dominant.
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