Support Holds Amidst Static Resistance
SHIB has maintained its support level and made progress towards higher resistance, specifically in the range of $0.00000870-$0.00000850. However, within this range, the price encountered resistance and paused its upward movement. Despite this, the previously identified support level for Shiba remains intact.
The reason for the current sideways movement in the Shiba trend for the past five days is due to the presence of static resistance and the breaking of the descending channel's ceiling support. It's worth noting that the break of the channel's ceiling support is yet to be confirmed, leaving a possibility for the price to return to the support level around $0.00000750.
If the dynamic support is breached, it could potentially lead to a further decline in the Shiba price, possibly towards the midline range of the descending channel.
Regarding the RSI level being at 57, an RSI (Relative Strength Index) value of 57 indicates that the asset's price is neither overbought nor oversold.
The reason for the current sideways movement in the Shiba trend for the past five days is due to the presence of static resistance and the breaking of the descending channel's ceiling support. It's worth noting that the break of the channel's ceiling support is yet to be confirmed, leaving a possibility for the price to return to the support level around $0.00000750.
If the dynamic support is breached, it could potentially lead to a further decline in the Shiba price, possibly towards the midline range of the descending channel.
Regarding the RSI level being at 57, an RSI (Relative Strength Index) value of 57 indicates that the asset's price is neither overbought nor oversold.
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