Current Price Situation:
- Current SHIB Price: $0.00001312, with minor changes.
- Resistance Level: The currency faces strong downward resistance at $0.00001330, hindering its movements for weeks.
- Accumulation Phase: The currency is trading below the downtrend line, reflecting a state of indecision and uncertainty in the market [Primary Source].
Key Technical Indicators:
1. RSI Indicator: At 41.82 (in the low neutral range), indicating no overbought condition and potential rise with increased demand.
2. MACD Indicator: Below the signal line, confirming continued selling pressure.
3. Trading Volume: Decreased by 21.20% over 24 hours, reaching $120.72 million, reflecting weak current buying/selling momentum.
Forecasts and Potential Scenarios:
- Bullish Breakout:
If the price closes above the resistance line on the daily or weekly timeframe, it may target:
- $0.00001600 (increase ~22% from the current price).
- $0.00001800 (increase ~37%) [Primary Source].
- Bearish Scenario:
A failed breakout may lead to continued horizontal trading or new selling pressures, especially with weak volume.
Potential Supporting Factors:
- Market Capitalization: $7.73 billion, with 589.24 trillion tokens traded out of a total of 589.55 trillion (indicating nearly complete supply), reducing dilution risks.
- Momentum Change Signal: Closing the price above $0.00001500 may indicate a sustainable bullish reversal.
Analysis Summary:
- Current Key: Breaking resistance at $0.00001330 supported by high trading volume.
- Risks: Weak volume and mixed indicators (like MACD) may delay the rise.
- Warning: This is not financial advice, and independent research should be conducted before making any decisions.#MyCOSTrade
