Technical Analysis of SHIB/USDT :- Buy for the Bag?

Jul 6, 2023

Buyers' Area at 690-700:
The SHIB/USDT pair has shown a consistent pattern of support within the range of 690-700. This area has proven to be a strong support level in the past, with the price often rebounding from this range.
Traders looking to enter the market can consider buying within this area, as historical data suggests a high probability of price appreciation.

Expected Price Bounce towards 830-840:
Based on the recent price action and technical indicators, there is a strong likelihood of a bullish reversal in the SHIB/USDT pair. We anticipate a potential price bounce towards the range of 830-840.
Traders aiming for a short-term profit may consider setting their take-profit targets around this range.

Traders should consider setting a stop-loss order below the identified buying area to protect against unexpected price declines. This will help limit potential losses and preserve capital in case the market moves against the anticipated trend.

Conclusion:
In conclusion, the technical analysis of SHIB/USDT indicates a potential bullish reversal. With a buying area between 690-700 and an expected price bounce towards 830-840, traders may find attractive trading opportunities. However, it is important to implement effective risk management strategies and stay informed about any significant market developments.