The findings of the following analysis are the sole opinions of the writer and should not be considered investment advice.The meme crypto’s 30-day MVRV and Open Interest aligned with the corresponding price decline.
This revival chalked out a bullish flag structure on the daily timeframe. After a firm rejection of higher prices near the $0.0129-mark, SHIB plunged below its vital $0.0118 resistance . Consequently, bears invalidated the bullish inclinations of the flag. Any immediate or eventual buying rebuttals can face a barrier near the $0.0118 resistance. A reversal from this ceiling can present near-term shorting opportunities. A close above this level can induce a retest of the $0.0129-resistance.
Furthermore, the Relative Strength Index plunged below the midline in its press time southbound movement. A continued sway below the 50-mark would continue oppressing the buying efforts.
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