Weak volatility and average momentum are some of the most influential factors that alter general market sentiment. And to be able to differentiate between a trending market and a range-bound market, you must understand the volatility of the market.
In general, strong market volatility helped the Mem coin price action against the US Dollar. And why you might be wondering what the reward you get when you buy a Shiba Inu. Read below to find out the reasons why a Shiba Inu should be considered as a good buy property.
Technical Levels to Look for Before Buying a Shiba Inu
From the 4-hours chart, the Mem coin price action is trending south after printing a series of lower highs at support.
Furthermore, the property’s price could not deter sellers from taking its value downwards after a strong bearish pressure helped stimulate price action in the south. For the time being, the long-term bearish price action of the asset will be considered as a resting point at the $0.0002048 support level. Conversely, this may be the right place to take a long position if the asset price should move beyond this price target.
However, support and resistance is present at $0.0001972 while resistance lies at $0.00002598. In general, a break above the resistance would act as the perfect place to place a buy order as it would confirm the start of a bullish market.
final thoughts
The asset’s price action has yet to show a significant long run. Since it is currently trading with horizontal support. Thus a break below the support would enable the asset price to continue its bearish rally further. On the other hand, if the price should bounce off the support, it would hit an immediate resistance at $0.0002598.