Shiba Inu Shows Potential for Recovery Amid RSI Reset and Key Support Levels
Main Idea
Shiba Inu (SHIB) shows potential for recovery as it stabilizes above the key support level of $0.0000120, with technical indicators like RSI suggesting upward momentum, though increased trading volume is needed for a breakout.
Key Points
1. SHIB has found crucial support at $0.0000120, preventing further decline and indicating potential recovery.
2. The Relative Strength Index (RSI) is between 44 and 45, suggesting room for upward movement before reaching overbought conditions.
3. SHIB is trading below key EMAs (50-day at $0.00001296, 100-day at $0.00001324, and 200-day at $0.00001450), which bulls need to overcome for a bullish trend.
4. Increased trading volume is essential for a breakout and sustained upward momentum.
5. If SHIB fails to stay above $0.0000120, it could test the next support zone at $0.0000115-$0.0000110.
Description
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