The price of Shiba Inu (SHIB) is close to significant support levels after the latest market corrections. Token continues the downward trend after the summit it reached in December. With the effect of market volatility and general harsh weather conditions, uncertainty is dominated by the direction of the price.
Technical Indicators and Market Evaluation
The losses in the large -scale breast coin market also showed its effect on Shıb. Dogcoin $0.184947 While other digital assets, such as, have experienced similar decreases, Shiba Inu’s market ranking declined. Price movements, while watching the output signals from the falling end formation model, technical indicators revealed the weakness of the print pressure.
Expert Opinions and Potential Resistance Levels
The increasing token burning rate of the token approaching critical points may positively affect the price. On March 8, a large increase in daily token burning was observed, while the amount of token removed from the circulation was reported to put pressure on the total supply. Crypto analyst, Shıb price falling end formation model, he said. In line with the expectations, the price may have an increase potential of up to 422 %.
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Among the existing technical signals, the negative course of the MACD indicator draws attention. The MACD line remains under the signal line, while the red bars on the histogram point to sales pressure. The RSI value indicates that the purchase levels are weak.
The current transaction price continues to stay in a narrow band and travel between critical support and resistance zones. The support level is about 0.00001 and the resistance is 0.000015. These regions cause buyers to hesitate at the market entrance.
Market participants closely follow the direction of the Shıb price on the narrow channel for a while. Uncertainty and cautious approach causes investors to follow technical indicators. In the near future, it is thought that the movement may be decisive to exceed the specified resistance levels or to close below the support point.
Responsibility Rejection: The information contained in this article does not contain investment advice. Investors should be aware that crypto currencies carry high volatility and thus risk and carry out their operations in line with their own research.
