SHIB Faces Key Resistance at $0.00001220 After 1.18% 24-Hour Gain

SHIB/USD is currently trading near $0.00001218, reflecting a 1.18% increase in the past 24 hours, suggesting modest bullish momentum [1]. However, the price faces key resistance at $0.00001220, with an unsuccessful breakout observed at $0.00001223 on the hourly chart, indicating strong selling pressure at this level [1]. COINOTAG analysis notes that if the price closes above $0.00001220, SHIB may test $0.00001250 in the near term [1].

Market volatility remains subdued, with most of the daily Average True Range (ATR) already consumed, limiting immediate price swings. This environment suggests a consolidation phase, where SHIB is likely to trade within a narrow range. Traders are advised to adopt cautious strategies during such periods, focusing on monitoring key resistance and support levels for effective risk management [1].

From a broader perspective, SHIB has repeatedly bounced off the resistance near $0.00001173, reinforcing the idea that this level is a significant psychological and technical barrier. If the price fails to close above $0.00001220 by the end of the day, it could face downward pressure and potentially retest support near $0.000010 [1]. This scenario aligns with COINOTAG’s market analysis, which emphasizes the importance of daily closing prices in confirming trend directions.

Technical indicators highlight the significance of the $0.00001220 resistance level. A close above this level could trigger a bullish move toward $0.00001250, while a failure to break through may result in a retest of the lower support around $0.000010. These levels are critical in defining SHIB’s short- to midterm price trajectory [1].

COINOTAG recommends that traders monitor daily closes around $0.00001220 and observe volatility changes as indicated by the ATR. Additionally, hourly charts should be used to identify false breakouts and confirm potential trend reversals [1]. The current market environment, characterized by low volatility and limited price movement, signals a cautious outlook for traders and investors.

Overall, SHIB/USD is navigating key resistance levels with limited volatility, suggesting a market in consolidation. Traders should focus on daily closes above $0.00001220 to confirm bullish momentum and follow expert analysis for timely updates in this evolving market [1].

Source: [1] SHIB Shows Potential for Moderate Gains Amid Mixed Weekly Market Trends (https://en.coinotag.com/shib-shows-potential-for-moderate-gains-amid-mixed-weekly-market-trends/)