1. General trend:
- Current price: 0.00001861 USDT, down -6.39%.
- Japanese candlesticks show a bearish correction after a strong upward movement. The uptrend stopped at 0.00002169 USDT.
- This correction indicates the possibility of selling pressure, especially after the sharp rise.
2. Support and resistance levels:
- Major Support: Located at 0.00001528 USDT (which represents a major low before the recent rally).
- Main resistance: Located at 0.00002169 USDT (highest level reached in recent rally).
- Nearby support: at 0.00001835 USDT, which was recorded as the lowest level in the last 24 hours.
- Nearby resistance: at 0.00001996 USDT, which is the highest level recorded in the past 24 hours.
3. Technical indicators:
- RSI (6): Current value 66.38 indicates that the market is close to overbought areas, but has not yet reached the full overbought area (above 70). This means that there is a possibility of further downward correction or stabilization.
- Stochastic (KDJ) indicator: The current value of K (70.47) and D (75.88) indicates that the market is in the overbought zone, and a bearish crossover signal has started, which may indicate further price correction.
- Japanese candlesticks: The last candles show a weakness in the upward momentum and the presence of selling pressure, which may lead the price to fall towards nearby support levels.
4. Proposing deals:
- Buy deal:
- Entry point: You can consider buying when the price bounces off the support level of 0.00001835 USDT or in case of breaking the resistance level of 0.00001996 USDT.
- Targets: The first target could be at 0.00002050 USDT, and the second target at 0.00002169 USDT.
- Stop Loss: Set stop loss below the support level 0.00001800 USDT to avoid any sudden downward movement.
- Sell deal:
- Entry point: Selling can be considered if the price breaks the support level at 0.00001835 USDT.
- Targets: The first target could be at 0.00001750 USDT, and the second target at 0.00001650 USDT.
- Stop Loss: Set stop loss above 0.00001972 USDT to avoid any bullish reversal.
Conclusion:
Currently, the market is witnessing a correction after a strong rally. Support and resistance levels should be closely monitored. Fundamentally, any positive news about SHIB adoption or token burning could push the price higher, while negative news or lack of new developments could lead to further correction.