The recent dip in Shiba Inu (SHIB) price has captured the attention of investors and analysts alike. Over the past 24 hours, SHIB has experienced a decline of approximately 5.36%, bringing its current price to around $0.00001384. This downturn prompts a closer look at critical support and resistance levels that could signal a potential bullish reversal.
SHIB’s price trend shows a notable downward trajectory, marked by consistent declines. The chart highlights key resistance levels where the price has faced significant selling pressure. The first major resistance is observed at $0.00001463. This level has previously acted as a barrier, causing the price to retract each time it approached this point. Additionally, another resistance zone near $0.0000145 has proven to be a point of contention, where the price briefly touched before pulling back.
On the other hand, there are crucial support levels that traders should monitor. A notable support level is found around $0.0000135. This area has seen some buying interest, suggesting it may offer a safety net for the price. Moreover, a potentially stronger support zone is near $0.0000138. The price has tested this level multiple times and managed to hold, indicating a more robust support that could stabilize the current downward movement.
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Indicators provide further insights into SHIB’s potential future movements. The 1-day Relative Strength Index (RSI) reads 45.37, placing SHIB in a neutral zone, neither oversold nor overbought. This neutral stance implies that there is room for price movement in either direction. Additionally, the 1-day Moving Average Convergence Divergence (MACD) is trading above the signal line. While this positioning hints at a potential bullish trend, the difference is minimal, suggesting caution.
As per coinglass data, trading volume has decreased by 11.91%, falling to $84.69 million. Open interest has also declined by 13.09%, reaching $28.54 million. This reduction in volume and open interest might indicate a lack of strong conviction in the current trend.
Moreover, the long/short ratio indicates a slightly bearish sentiment with a value of 0.7271. However, on the OKX platform, the ratio is more bullish at 2.79, suggesting varying investor perspectives across platforms. The liquidation data further reveals that long positions have faced significant liquidations totaling $663.73K, compared to short positions at $38.65K.
