Despite poor performance in last few days, Shiba Inu can have bullish beginning of week
is showing signs of life amid a market that has been relatively quiet in terms of liquidity and volatility. Over the weekend, the meme coin displayed a green candle, sparking optimism among traders and investors. This uptick is particularly noteworthy because it comes at a time when the broader market is relatively stagnant.
What is fueling this optimism? Well, Shiba Inu has hit multiple support levels recently, creating a strong foundation for potential upward movement. The absence of significant resistance levels ahead adds to the bullish sentiment. In layman's terms, the path of least resistance for SHIB appears to be upward, at least for now.The upcoming trading week could be a defining moment for Shiba Inu.
Based on the price data from June to August 2023, Ethereum's price has been fluctuating significantly, ranging from as low as $1,647 to as high as $1,945. While the asset has seen some volatility, it has not followed a consistent trend that could be reliably predicted by a Death Cross or Golden Cross.
So, what does this mean for traders and investors? Essentially, while the Death Cross might be a red flag in some contexts, historical data suggests that it is not a surefire indicator of a prolonged bearish phase. The pattern has not been a reliable predictor for Ethereum, and given the asset's inherent volatility and the broader market influences, it is unlikely to offer the kind of value that traders might expect.
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