Before starting the analysis, we checked the live price of the coin:
The current price of SHIB/USDT is 0.00001602 USD.
1. Current price action and support and resistance levels
First resistance: at 0.00001713 USD (current daily high)
Second resistance: near 0.00001800 USD; a psychological and technical barrier that the currency may face
First support: at 0.00001571 USD (current daily low)
Support 2: Near 0.00001450 USD; 0.618 Fibonacci level of the recent upside move
2. Technical indicators
Simple Moving Average (SMA50): Estimated at 0.00001550 USD, the current price is above it, suggesting short-term bullish momentum.
Simple Moving Average (SMA200): Estimated at 0.00001380 USD, it forms a strong long-term support.
Relative Strength Index (RSI): Around 52, indicating a relative balance between buying and selling with the potential for continued upward movement before overbought conditions (>70).
MACD Indicator: The MACD line is approaching the signal line in the positive zone, a bullish signal that will support the continuation of the uptrend if it is broken.
3. Impact of the CME Futures Position Report
Open Interest: Interest in SHIB futures on CME often increases around the time of the report, increasing price volatility.
Outlook: If the report indicates a significant increase in open volume, this may reinforce the short-term uptrend, while declining volume may put downward pressure on the price.
Timing: The Futures Positions Report is typically released at 4:30 PM New York time, so beware of sudden fluctuations around this time.
4. Practical trading tips
Open trades at support: Place buy orders near 0.00001570–0.00001580 USD with a stop loss below 0.00001550 USD.
Take profit at resistance: Target a portion of the profit at 0.00001710–0.00001720 USD, moving the stop loss to breakeven.
Watch carefully when reporting: The currency may experience violent movement, so choose a trade size that does not exceed 1–2% of your balance.
Trailing Stop Adjustment: If the price breaks through the first resistance, use a trailing stop to protect profits during subsequent rallies.
With the CME Futures Position Report just around the corner and current market dynamics, what are your predictions for SHIB/USDT today? Share your thoughts and strategies in the comments!
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