📈 ANALYSIS: $SHIB IS TRYING TO RECOVER AT A CRUCIAL SUPPORT AFTER JUNE'S DROP
The daily chart for SHIB/USD shows that the memecoin is struggling to establish a solid bottom after facing a strong bearish trend over the past few weeks.
Here’s the technical breakdown of the current scenario for $SHIB:
📉 SELLING PRESSURE IN JUNE: The asset has been recording significant lower highs and lower lows, dropping from levels above $0.00000640 in mid-May to test lows around $0.00000440 in early June.
🔄 SIGNS OF REACTION: In recent days, we’ve seen a string of green candlesticks indicating buyer strength at the short-term support. The current price is attempting to consolidate in the range of $0.00000501, aiming to break the immediate resistance near $0.00000520.
⚡ DECISIVE MOMENT: The pair needs to maintain the current level to invalidate the previous bearish structure. If the bulls lose control of $0.00000500, the market may retest the recent lows.
Does $SHIB have the momentum to kick off a reversal rally, or is the current move just a technical bounce before more drops? Share your thoughts in the comments!
#BinanceSquare $SHIB #CryptoAnalysis #Memecoins #DYO
The daily chart for SHIB/USD shows that the memecoin is struggling to establish a solid bottom after facing a strong bearish trend over the past few weeks.
Here’s the technical breakdown of the current scenario for $SHIB:
📉 SELLING PRESSURE IN JUNE: The asset has been recording significant lower highs and lower lows, dropping from levels above $0.00000640 in mid-May to test lows around $0.00000440 in early June.
🔄 SIGNS OF REACTION: In recent days, we’ve seen a string of green candlesticks indicating buyer strength at the short-term support. The current price is attempting to consolidate in the range of $0.00000501, aiming to break the immediate resistance near $0.00000520.
⚡ DECISIVE MOMENT: The pair needs to maintain the current level to invalidate the previous bearish structure. If the bulls lose control of $0.00000500, the market may retest the recent lows.
Does $SHIB have the momentum to kick off a reversal rally, or is the current move just a technical bounce before more drops? Share your thoughts in the comments!
#BinanceSquare $SHIB #CryptoAnalysis #Memecoins #DYO