Market is red again with BTC around 67K, but
$SHELL ripped roughly 75% in a day on Binance and it's been all over my feed.
From what I can find there's no fresh announcement behind it. MyShell had been stuck in a tight 0.019 to 0.020 range for about two weeks, then last night it broke out and went vertical. Reports point to heavy spot buying from Turkish and Korean retail plus a short squeeze, on a token with a pretty small market cap. That kind of setup moves fast in both directions.
What the 4H chart shows:
Spike high printed at 0.0516 overnight, then it got sold hard. Long upper wick, classic sign of supply waiting up there.
Price is around 0.0337 now. Today's low was 0.0297 and buyers stepped in there, so that's the first level I'm watching.
The breakout candles traded several hundred times the usual 4H volume on the USDT pair. Volume has already cooled a lot since.
MA20 and MA50 are still way below, near 0.0235 and 0.0217. They only just started curling up, so the trend change is very fresh.
RSI 14 cooled from above 90 to around 69. Still hot, but less stretched than last night.
Scenarios:
If 0.0297 holds and volume picks up again, a push back toward 0.041, where the first breakout candle topped, is the next area to watch.
If 0.0297 breaks, there's not much structure until the old range near 0.020, and a lot of late buyers would be under water on the way down.
Pumps with no news behind them can keep running, but they can also give it all back. Size matters here more than usual.
Not financial advice, DYOR.
Do you think SHELL holds above 0.03, or does it round trip back to the old range?
#SHELL #MyShell #CryptoAnalysis #Altcoins