Shiba Inu painting first positive candle in week
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Poor trading volume and a general lack of momentum have also been significant contributors to SHIB's tumble. The Relative Strength Index indicated thatwas significantly undervalued when it fell into oversold territory. Buyers, however, had not been particularly interested in stepping in until today. The first green candle to form in more than a week may be a sign that sellers are becoming weaker. However, confirming a complete reversal is premature.
SHIB would have to recover $0.00001990, which is in line with earlier support in order to resume its bullish trend. The next significant resistance levels are $0.00002078 and $0.00002200 ifkeeps rising. A significant bullish signal and the beginning of a larger recovery would be provided by regaining these levels. However, if SHIB is unable to sustain this rebound, $0.00001700 is the next target on the downside, and in the worst case, prices could drop as low as $0.00001500.
To stop another selling wave, bulls will need to demonstrate consistent buying pressure. Failure to do so could result in another decline, but a move above $0.00001990 would suggest that SHIB is prepared to fight back. Disclaimer: The opinions expressed by our writers are their own and do not represent the views of U.Today. The financial and market information provided on U.Today is intended for informational purposes only. U.Today is not liable for any financial losses incurred while trading cryptocurrencies. Conduct your own research by contacting financial experts before making any investment decisions.
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