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- SHIB increases by 0.96% over the course of a day, while trading volume rises by 60.32% to $197.65 million.
- A possible trend shift and accumulation phase is indicated by SHIB breaking above a descending channel.
- RSI at 41.95 shows balanced sentiment, while MACD remains bearish, indicating a potential trend change.
Shiba Inu (SHIB) is currently trading at $0.00001235, showing a 0.96% increase over the past day. Trading volume amounted to $197.65 million, which was a 60.32% growth over the previous day.
The price of the SHIB coin has decreased by 7.33% during the past week. The coin has been under downward pressure in the last seven days, although there has been an increment in its daily trading.
Source: CoinMarketCap
SHIB Breakout Signals Potential Trend Shift
Jonathan Carter, a cryptocurrency analyst, highlighted that Shiba Inu (SHIB) has moved beyond a downward pattern on the daily digital, which indicates that it might now be changing its trend. The price is currently stabilizing around the breakout zone, which implies an accumulation stage.
If this pace persists in the upcoming weeks, critical resistance levels of $0.00001400, $0.00001750, $0.00002050, and $0.00002500 could pose a challenge to SHIB. Traders are closely monitoring other signs of an upward trend.
Source: X
RSI Shows Neutral Market Sentiment
The Relative Strength Index is 41.95. The coin lies in the neutral zone, which means that there is no significant pressure on buying or selling. The RSI indicates that there are neither overbought nor oversold conditions and that the market is in a balanced mood. Nevertheless, as long as the price of SHIB continues to rally, the RSI might reach 50, indicating the rising interest in purchase.
Also Read: LTC’s Bullish Momentum: Is a 192% Surge Possible?
Moving Average Convergence Divergence (MACD) is displaying a bearish short-term bias. The MACD line is -0.00000002, and the signal line is -0.00000026. The histogram remains in the red, indicating more downward pressure. Nevertheless, a turnaround in market sentiment may lead to a bullish crossover, which may show a change in trend direction.
Source: TradingView
SHIB Open Interest and Trading Volume Up
According to CoinGlass data, the open interest (OI) of Shiba Inu has already grown by 2.67% to $192.72 million. The OI-weighted funding rate remains 0.0020%, which means that traders remain active in SHIB, although there has been a weakening recently. Meanwhile, there has been a 32.95% rise in the volume of SHIB to $182.19 million, showing that the market is active, although price trends are changing.
Source: CoinGlass
Shiba Inu has been showing signs of a potentially negative reversal. The short-term trend is still bearish, but the recent breakout in the coin might deliver increased prices should the coin continue to gain momentum. Traders are looking at whether SHIB can sustain the gains and drive to key resistance levels.
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