The price of Shiba Inu （SHIB） has risen by 4.57% over the last day. This article provides a detailed analysis of SHIB’s current price movements and potential future trends.
Points
- SHIB price has risen by 4.57% in the last 24 hours.
- Potential breakout if daily bar closes near resistance.
- Sideways trading expected in the $0.000016-$0.000018 range.
- SHIB’s burn rate has increased by over 350%.
- SHIB is trading at $0.00001689 at press time.
SHIB/USD
The price of SHIB has risen by 4.57% over the last day. On the hourly chart, the rate of SHIB is in the middle of the local channel. However, if the daily bar closes near the resistance, there is a chance of a breakout, followed by a move to the $0.00001760 zone.
On the bigger time frame, one should pay attention to the candle closure in terms of the level of $0.00001710. If it happens near it and with no long wick, the accumulated strength might be enough for a rise to the $0.000018 range.
On the weekly chart, a fast reversal is unlikely, even though the bar might close in the bullish zone. Meanwhile, sideways trading in the area of $0.000016-$0.000018 is the more likely scenario.
SHIB is trading at $0.00001689 at press time.
解説
- The recent price increase of SHIB is notable, but traders should watch for potential resistance levels that could trigger a breakout.
- The increased burn rate of SHIB indicates a potential reduction in supply, which could positively impact the price.
- Sideways trading in the $0.000016-$0.000018 range is likely, with key resistance and support levels to watch.
- Monitoring the daily and weekly chart patterns will provide better insights into SHIB’s future movements.
- Investors should be cautious and consider the volatility typical in the cryptocurrency market.