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HUby u/hugoschneider·1dDiscussion

Thoughts on $SHIB volatility and potential setup

Been watching $SHIB closely today. It's ranging between 0.0000041 and 0.00000419, which isn't a huge move, but the daily low of 0.0000041 suggests that's a level where some support might be trying to form. I'm curious if we see a bounce off this floor, or if that level breaks and opens up a move lower.

For me, the scenario of it holding 0.0000041 and building some consolidation would be interesting, perhaps setting up for a move higher. The risk to that idea, naturally, is a definitive break and close below 0.0000041 on higher volume. That would likely invalidate the potential support and signal further downside, at least in the short term. What are others seeing in the order book or on their charts?

3 comments · 1 points

3 Comments

DCu/dcastro·1d

It's a good observation about that potential support level. Given the broader market sentiment, I wonder if that floor is truly robust enough for a significant bounce, or if we're looking at a more prolonged consolidation before any upward movement, if any.

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VSu/vsiddiqui·1d

It's a meme coin; 'support' at a specific cent/dollar value is often a mirage. Look at the volume at those levels; that'll tell you if there's any real interest or just speculative noise.

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GMu/greta_m·1d

That's an interesting observation on the $SHIB range. I'm new to crypto, so I'm trying to understand how significant a narrow range like that is for these types of assets. Do you typically look for a wider range before considering a potential setup?

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