Bittime – Shiba Inu despite its recent decline in value, is showing an interesting trend. SHIB futures traders are constantly opening long positions. This unwavering confidence is present even though the SHIB price chart shows a descending triangle pattern which is usually a bearish signal.
Analyst By Abiodun Oladokun | SHIB/USDT on TradingView
Technical Analysis: SHIB If traded at 0.000023
It is near the lower boundary of the descending triangle. This limit serves as a key support level. A descending triangle formation often precedes the continuation of a downward trend, indicating that SHIB price could decline further if this pattern continues.
Potential Scenarios for the Future of SHIB
The coin's technical indicators are giving mixed signals. The Relative Strength Index (RSI) is at a neutral threshold of 50.0 but is showing signs of decline, which could indicate an upcoming shift towards distribution rather than accumulation.
Bull and Bear Shiba Inu (SHIB) Scenario
Additionally, the Elder-Ray Index, a tool for gauging market strength, has been negative since April 9, with a current reading of −0.0000017, signaling bearish dominance.
If the bears push SHIB below the triangle support, Fibonacci Retracement analysis suggests a potential drop below 0.00002, possibly reaching as low as 0.000013.
Conversely, a change in market sentiment could push SHIB towards 0.000027 if the bulls take over.
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Futures Traders Unaffected by Downturns
Interestingly, the decline in the SHIB spot market price did not dampen the enthusiasm of Futures market traders. Data from Coinglass reveals a 20% increase in SHIB Futures Open Interest since May 1, now worth 66 million. This increase indicates a new position being taken in the market.
Additionally, positive Funding Rates across exchanges indicate continued interest in bullish positions, pointing to collective trader sentiment supporting the upcoming price rally.
How to Buy Shiba Inu (SHIB) from Bittime
You can buy and sell Shiba Inu (SHIB) in an easy and safe way via Bittime . Bittime is one of the best crypto applications in Indonesia which is officially registered with Bappebti.
Shiba Inu (SHIB) is available on Bittime with the market pair SHIB/USDT . To be able to buy SHIB USDT on Bittime, make sure you have registered and completed identity verification. Apart from that, also make sure that you have sufficient balance by depositing some funds into your wallet. For your information, the minimum purchase of assets on Bittime is IDR 10,000. After that, you can purchase crypto assets in the application.
Monitor price chart movements of Shiba Inu (SHIB), Bitcoin (BTC) , Ethereum (ETH) , Solana (SOL) and other cryptos to find out today's crypto market trends in real-time on Bittime.
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DISCLAIMER: This article is informational in nature and is not an offer or invitation to sell or buy any crypto assets. Trading crypto assets is a high-risk activity. Crypto asset prices are volatile, where prices can change significantly from time to time and Bittime is not responsible for changes in fluctuations in crypto asset exchange rates.
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