SHIB is at a crucial point in its price movement, according to recent chart analysis. The weekly chart suggests two possible scenarios for SHIB, highlighted by key price levels and trendlines. The first path shows SHIB maintaining bullish momentum, supported by a trendline and a demand zone known as D-POI. The second scenario predicts continued upward movement, targeting an extreme point of interest (E-POI).
SHIB shows two possible paths on the weekly chart:
1️⃣ Bullish momentum supported by Trendline and D-POI.
2️⃣ Continued #Bullish move with Extreme POI.Which scenario do you foresee? 📊🐻
Not financial advice! Make sure to #DYOR before making any investment moves. 🧐$SHIB… pic.twitter.com/63jK1O9n4y
— Crypto Tale (@cryptotalemedia) September 5, 2024
The trendline plays a significant role in determining the support level for SHIB’s price. So far, the price has bounced along the trendline, keeping the bullish sentiment alive. If this trendline holds, SHIB could potentially rise towards the D-POI, a critical zone of interest. Traders will watch this area closely, as it may influence the next price move.
The D-POI, or Demand Point of Interest, represents a strong support area. This zone has seen previous buyer activity, which could drive the price upward again. SHIB’s price could continue to rise from this level, as long as market sentiment stays positive. Traders looking for bullish confirmation should keep an eye on how SHIB behaves near this zone.
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However, if SHIB breaks below the trendline, it could indicate a larger move towards the Extreme Point of Interest (E-POI). This area, located significantly lower, presents another potential demand zone. The price may fall into this region if bearish pressure increases, offering traders a chance to enter long positions at a discounted price. SHIB’s movement into this zone would represent a longer-term buying opportunity for those anticipating a recovery.
The Break of Structure (BOS) noted on the chart further signals potential volatility. SHIB’s price has already broken previous resistance levels, giving room for the market to make large swings. The BOS, in combination with key price areas like the D-POI and E-POI, will likely guide the next trend.
At press time, SHIB was priced at $0.00001334, a slight decrease of 0.03% in the past 24 hours. The 24-hour trading volume also saw a decrease of 11.44%, falling to $139.47 million.
