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Shiba Inu Coin Faces Reversal After Failing to Break Through Key Resistance Level

30/05/2024 20:12

According to U.Today, Shiba Inu, a popular meme coin, experienced a reversal after failing to break into the $0.00003 zone, resulting in a loss of approximately 10% of its value. Despite this setback, the coin's upward trajectory may continue, but the failed breakthrough could serve as a significant indicator for future traders. Shiba Inu was once again unable to penetrate the $0.00003 region, leading to a quick bounce back and a loss of around 10%. This reversal is not considered significant, and the coin could still continue its upward trend. However, the inability to break through could be a critical sign for future steps. The coin has seen significant price action in recent hours, highlighting the volatility and uncertainty in the cryptocurrency market, particularly for meme tokens. After a strong rally that brought the price of Shiba Inu close to the significant resistance level of $0.00003, the price did not fare well, leading to a quick bearish run. This prompted Shiba Inu to retrace to around $0.000026, marking a loss of roughly 10% from its peak. Despite this pullback, the outlook for Shiba Inu remains cautiously optimistic. The token continues to trade above the 50-day EMA, consistently maintaining support over the past few weeks. The RSI is around 57, indicating a neutral zone and the potential for movement in either direction. This RSI level suggests that Shiba Inu is not overbought and could still attract more buyers, even if market sentiment reverses. However, the recent rejection from around $0.00003 could create a psychological barrier for traders approaching the token with caution. The key point to consider is how Shiba Inu is traded in relation to its actual support levels. If it holds above the 50-day EMA and consolidates peacefully, it could potentially establish a base to attempt to break over the resistance at $0.00003 once again. If it breaks below this support area, the correction could extend towards the second most crucial support level of about $0.000022.

Bullish

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