SHIB price levels are currently under pressure. This price alert looks at the key levels that Shiba Inu needs to reclaim for a bullish comeback. We are closely monitoring SHIB’s price movements as understanding these levels could help predict a potential recovery.
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Shiba Inu Critical Price Levels: Will SHIB Make a Bullish Comeback?
Current market situation
SHIB is struggling to maintain its momentum. It is facing strong resistance at the 50-day EMA. The Shiba Inu token is trading at $0.0000143, down 2% in 24 hours. This shows the current downward pressure on the coin.
Important support and resistance levels
For a bullish comeback, SHIB needs to stay above $0.0000132-$0.0000128. If it breaks below this, it could fall further. The key resistance is at $0.0000155. A break above this could push the meme coin towards $0.0000174.
Technical indicators
SHIB’s RSI is around 43, showing a neutral to bearish trend. The OBV is declining, meaning there is more selling than buying. However, an increase in the OBV could signal a possible trend reversal for Shiba Inu.
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Sentiment on the derivatives market
On the derivatives market, the meme coin’s open interest has dropped by 5.55% to $32.16 million. Trading volume has increased by 12.66% to $88.86 million. The long/short ratio is below 1, with more short positions than long ones.
Factors influencing SHIB’s potential comeback
The entire crypto market influences the price level of the meme coin. Bitcoin’s movements also affect Shiba Inu. Good news about SHIB or positive economic conditions could contribute to a bullish turn.
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SHIB is currently under downward pressure. At the same time, key price levels offer hope for a bullish comeback. Observing these levels and market trends can help predict Shiba Inu’s recovery in the crypto market.
