FxNews – SHIBUSD recently tested the 950-support area. As anticipated, the pair experienced a bounce from this level. Currently, Shiba is undergoing a test of the lower band of the bullish flag. It’s important to note that the flag’s slope is quite steep, which raises concerns that it might not withstand the bearish pressure.
Despite the possibility that the bullish flag could be breached on the downside, the main resistance level, supporting the bullish bias, remains firmly at 950.
Shiba Technical Analysis – Back on Bullish Track
As long as this level holds, the overall outlook for the SHIBUSD trend continues to be bullish. If the bulls maintain their momentum, the next target could be reaching December’s high. Following this, the focus would shift to the R3 level.
This scenario underscores the dynamic nature of the market, where key support and resistance levels play a crucial role in determining the short-term movement of assets. The 950-support area, in particular, appears to be a significant pivot point for SHIBUSD, offering a foundation for bullish sentiment.
The ability of the bulls to push beyond December’s high would be a clear indicator of strong market confidence, potentially setting the stage for further upward movement towards the R3 level.
J.J Edwards is a finance expert with 15+ years in forex, hedge funds, trading systems, and market analysis.
