Shiba Inu (SHIBUSDT): Potential Bounce Back After Correction?Shiba Inu ( BINANCE:SHIBUSDT ) has reached a confluence of support levels after a recent price correction. This includes the support and resistance zone, daily and weekly pivot points, and potentially multiple micro, mini, and macro chart channels.
Positive Influences:
Support Levels: Reaching these support zones often indicates a buying opportunity for bulls.
Bitcoin's Rise: Historically, strong performance by Bitcoin can sometimes lead to positive movements in altcoins like SHIB.
Increased Trading Activity: Rising transaction volume in SHIB/USDT suggests growing interest from buyers.
What to Waiting For?
Channel Breakout: A decisive break above the upper channel line could signal a stronger upward trend.
Liquidity Rise: Increased trading volume (liquidity) often accompanies significant price movements.
Important:
This analysis is for informational purposes only and not financial advice.
Past performance is not necessarily indicative of future results.
Do your own research before making any investment decisions.