Shiba Inu (SHIB) Price Action Analysis and Strategic Recommendations
Friday, 24 May 2024, 12:30
Shiba Inu (SHIB) Price Analysis and Strategic Recommendations
Daily and Four-Hour Timeframe Analysis
- Daily Timeframe: SHIB trading at $0.00002393, failed to enter daily Ichimoku cloud, approaching mid-term support at Tenkan-sen plateau.
- Four-Hour Timeframe: Attempted break below Ichimoku cloud, lower boundary as critical support.
The post delves into the significance of Tenkan-sen plateaus, highlighting their role as support and resistance levels in market movements.
Recent Spike in Exchange Depositing Addresses: Bearish Implications
- Potential Selling Pressure: Increasing depositing addresses often precede sell-offs, driving the price down due to excess supply.
- Bearish Implications: Recent spike indicates more SHIB holders might sell assets, increasing supply on exchanges.
Strategic recommendations suggest a bearish outlook, with key levels to watch for further declines and potential shifts in trend.
This article was prepared using information from open sources in accordance with the principles of Ethical Policy. The editorial team is not responsible for absolute accuracy, as it relies on data from the sources referenced.