Weak volatility and average momentum are some of the most influential factors that alter the general market sentiment. And to be able to distinguish between a trending market and a range-bound market, you ought to understand the volatility condition of the market.
In general, strong market volatility aided the price action of the meme coin to plunge against the US dollar. And why you might be wondering about what reward you stand to gain when you buy SHIBA INU. Read below to discover the reason why Shiba Inu should be considered as a good buy asset.
Technical levels to watch before buying Shiba Inu
Source – TradingView
From the 4-hour chart, the price action of the meme coin has been plugging to the South after printing a series of lower highs into support.
In addition, the price of the asset couldn't stop the sellers from plummeting its value downward after a strong bearish pressure helped to stimulate the price action to the south. At the moment, the long-term bearish price action of the asset would have been considered to have found a resting point at $0.0002048 support. Conversely, this could be the right place to take a long position if at all, the price of the asset should bounce beyond this price target.
However, support and resistance exist at $0.0001972 while resistance resides at $0.00002598. In general, a break above the resistance will serve as the right place to create a buy order as this would confirm the beginning of a bullish market.
Final thoughts
The price action of the asset hasn't shown a significant sign of going long yet. As it's currently trading along with the horizontal support. Thus a break below the support will enable the value of the asset to continue its bearish rally further. While on the other hand, if the price should bounce off the support it'll hit immediate resistance at $0.00002598.