Lokesh Gupta
13-06-2024
#Shiba Inu attempted to surpass $0.000030000 but failed, resulting in a retreat and formation of a Double Top Pattern.
Following a recent sell-off, bearish sentiment prevails as sell signals weigh on SHIB's price rally.
In early March, a surge in buying pressure caused a 250% price spike on the platform.
However, a subsequent substantial sell-off slashed prices by over 53%.
$SHIB broke its long-term resistance trendline but couldn't sustain its breakout rally.
Despite this setback, the Shiba Inu price trend reversed its pattern of lower highs with a double bottom formation, indicating renewed buyer interest.
The RSI is nearing oversold conditions without any bearish divergence.
Moreover, the Ichimoku cloud recently turned bearish after the conversion line crossed below the baseline.
According To Coingabbar analysis, As the price breached its range, it may decline towards nearby support levels at approximately $0.0000183, with a near-term rebound unlikely.
Maintaining above $0.0000183 could pave the way for a potential breakout above resistance at $0.000025.
KEY LEVELS :
RESISTANCE LEVEL : $0.00002350-$0.00002650
SUPPORT LEVEL : $0.00001830-$0.00001150
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Lokesh Gupta is a seasoned financial expert with 23 years of experience in Forex, Comex, NSE, MCX, NCDEX, and cryptocurrency markets. Investors have trusted his technical analysis skills so they may negotiate market swings and make wise investment selections. Lokesh merges his deep understanding of the market with his enthusiasm for teaching in his role as Content & Research Lead, producing informative pieces that give investors a leg up. In both conventional and cryptocurrency markets, he is a reliable adviser because of his strategic direction and ability to examine intricate market movements. Dedicated to study, market analysis, and investor education, Lokesh keeps abreast of the always-changing financial scene. His accurate and well-researched observations provide traders and investors with the tools they need to thrive in ever-changing market conditions.
Lokesh Gupta is a seasoned financial expert with 23 years of experience in Forex, Comex, NSE, MCX, NCDEX, and cryptocurrency markets. Investors have trusted his technical analysis skills so they may negotiate market swings and make wise investment selections. Lokesh merges his deep understanding of the market with his enthusiasm for teaching in his role as Content & Research Lead, producing informative pieces that give investors a leg up. In both conventional and cryptocurrency markets, he is a reliable adviser because of his strategic direction and ability to examine intricate market movements. Dedicated to study, market analysis, and investor education, Lokesh keeps abreast of the always-changing financial scene. His accurate and well-researched observations provide traders and investors with the tools they need to thrive in ever-changing market conditions.
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