2024-6-25 20:30 |
Cryptocurrency trader Ali has shared a potentially bullish development for Shiba Inu (SHIB). According to Ali, the TD Sequential indicator is presenting buy signals on SHIB’s daily chart, suggesting that a price rebound may be on the horizon for this altcoin. The tweet by Ali comes at a time when the meme coin sector is showing signs of reversal.
Technical Analysis Reveals Complex Market StructureThe TD Sequential presents buy signals on the daily charts of #Solana, #ShibaInu, and #Cardano, anticipating a price rebound for these #altcoins! pic.twitter.com/P8ZOYm9qTu
— Ali (@ali_charts) June 25, 2024While the TD Sequential indicator points towards a potential bullish move, a detailed technical analysis by altFINS provides a more nuanced view of SHIB’s current market position.
The near-term outlook for SHIB is currently neutral, with the token showing signs of being oversold at a support level. This emerging pattern suggests that there’s a high probability of a price bounce in the near term, particularly when the Relative Strength Index (RSI) hits 30 or less.
Short-term trend: Strong Down Medium-term trend: Strong Down Long-term trend: NeutralThis trend profile indicates major downward pressure in the short to medium term, while the long-term trajectory remains uncertain.
Source: altFINS – Start using it today
Critical Support Level Breach and Potential RecoverySHIB has recently broken below the $0.000021 support level and its 200-day moving average, signaling a downtrend. Traders are now waiting for the price to reclaim this critical level to indicate a resumption of the uptrend.
If SHIB manages to regain its footing above the critical support level, altFINS suggests an upside potential to the resistance level of $0.000028, representing a potential gain of 33%.
Despite the overall bearish trend, momentum indicators are showing signs of a potential turnaround:
MACD Histogram: Rising, indicating that bearish momentum may be waning RSI-14: Currently neither overbought nor oversold, providing room for movement in either direction .rh-colortitlebox{margin-bottom:30px;background:#fff;line-height:24px;font-size:90%}.rh-colortitlebox .rh-colortitle-inbox{display:flex;align-content:center;padding:15px;font-weight:700;font-size:110%; line-height:25px}.rh-colortitlebox .rh-colortitle-inbox i{line-height:25px; margin:0 10px; font-size:23px}.rh-colortitlebox .rh-colortitle-inbox svg{width:25px;margin-right:10px}.rh-colortitlebox .rh-colortitle-inbox-label{flex-grow:1}.rh-colortitlebox .rh-colortitlebox-text{padding:20px}.rh-colortitlebox-text>*{margin-bottom:20px}.rh-colortitlebox-text>:last-child{margin-bottom:0} New Meme Coin to Watch Aiming to be Next $BONK, $WIF or $MEW.rh-toggler-open{height:auto !important} .rh-toggler-open .rh-tgl-show, .rh-toggler-open .rh-tgl-grad{display:none !important} .rh-toggler-open .rh-tgl-hide{display:block !important} .rh-tgl-show, .rh-tgl-hide{cursor:pointer} .rh-contenttoggler *{box-sizing: border-box !important} .rh-toggler-wrapper{overflow: hidden;transition: all 0.5s ease; padding-bottom: 35px; margin-bottom:30px;box-sizing: content-box !important;position: relative;} .rh-toggler-wrapper p:last-of-type {margin-bottom: 0;}Milei Moneda is a new meme coin inspired by the political and economic views of Javier Milei, an Argentine president known for his libertarian and pro-Bitcoin stance. You have an opportunity with the ongoing low presale price to get in early!
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Show more +Show less – Key Support and Resistance Levels to WatchTraders and investors should keep an eye on the following key levels:
Nearest Support Zone: $0.000015 Nearest Resistance Zones: $0.000028, followed by $0.000035The conflicting signals from various technical indicators and chart patterns highlight the complexity of SHIB’s current market position. While the oversold conditions at support and potential bullish momentum inflection suggest a possible rebound, the recent support breakout and downward trends in shorter timeframes urge caution.
Traders considering entering or adding to SHIB positions may want to wait for confirmation of a trend reversal, such as a decisive move above the 200-day moving average. Setting price alerts at key levels, particularly at $0.000028, can help traders stay informed of major price movements.
Read also: Ripple’s XRP Will Surpass Ethereum – Here Are 3 Reasons According to Crypto Analyst
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The post Shiba Inu Shows Signs of Potential Rebound: This Signal Presents a Buy Opportunity for SHIB appeared first on CaptainAltcoin.
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