Expert Spots Crucial SHIB Trading Setup in Current Price Range

A new analysis by SwallowAcademy highlights a potential technical setup for Shiba Inu, pointing to a key price region that could serve as a launch point for upward momentum. SHIB is currently trading at approximately $0.00001416, having experienced a 7.80% decline over the past week despite a modest 0.32% gain in the last 24 hours. This performance has prompted close examination of the token’s technical patterns, particularly in the context of its recent price behaviour. Support Zone Holds Through Multiple Tests The analyst emphasizes a recurring demand zone between $0.0000139 and $0.0000144, which has served as a stabilizing range over several trading sessions. SHIB is presently consolidating around the higher end of this band, suggesting that buyers are actively defending the zone. This area has previously functioned as a springboard for price increases. Notably, on May 17, SHIB approached $0.0000139 and proceeded to climb to $0.0000153 the following day. A retest at $0.0000138 on May 19 resulted in a further rally to $0.0000160 by May 23. After a pullback, the asset once again touched the lower boundary of this range on May 25 and has since been fluctuating within this tightly defined corridor. Technical Indicators Signal Neutral Conditions SwallowAcademy’s assessment incorporates multiple technical indicators. The 50-period Exponential Moving Average (EMA) stands at roughly $0.00001427, while the 200-period EMA is estimated near $0.00001456. SHIB’s current trading level places it slightly below the 50 EMA and just under the 200 EMA. A confirmed breakout above these two moving averages may be viewed as a signal for a trend reversal. The Relative Strength Index (RSI) sits at 46.92, just under the midline threshold of 50. This value implies that the token is neither in an overbought nor oversold state, a scenario often interpreted as neutral and conducive to accumulation. We are on twitter, follow us to connect with us :- @TimesTabloid1 — TimesTabloid (@TimesTabloid1) July 15, 2023 Price Projection and Potential Upside Based on the strength of the current support zone, SwallowAcademy forecasts the possibility of a price rebound . Should SHIB manage to capitalize on its base of support, the asset could realize gains between 10% and 20% from present levels. The analyst has identified $0.0000159 as a near-term price target, which corresponds to levels observed on May 23. If achieved, this would represent an increase of approximately 10.34% from the current market value. On-Chain Metrics Indicate Long-Term Confidence On-chain data from analytics firm IntoTheBlock lends further weight to the technical case. The number of long-term holders, defined as addresses holding SHIB for over a year, has increased by 0.84%. In contrast, there has been a decline in the number of medium- and short-term holders, with addresses in the 1–12 month range decreasing by 3.73%, and those under one month falling by 3.12%. This trend may suggest a shift in market sentiment, as investors increasingly adopt a long-term outlook while short-term speculative activity appears to be slowing. Such dynamics could reduce immediate selling pressure, helping to stabilize price action in the near term. Disclaimer : This content is meant to inform and should not be considered financial advice. The views expressed in this article may include the author’s personal opinions and do not represent Times Tabloid’s opinion. Readers are urged to do in-depth research before making any investment decisions. Any action taken by the reader is strictly at their own risk. Times Tabloid is not responsible for any financial losses. Follow us on Twitter , Facebook , Telegram , and Google News The post Expert Spots Crucial SHIB Trading Setup in Current Price Range appeared first on Times Tabloid .

Source: TimesTabloid