- SHELL’s price holds above MA7 at $0.57 and MA30 at $0.502, a steady uptrend despite short term volatility.
- Negative CVD and funding rate suggest selling pressure, but rising open interest hints at sustained market activity.
- A break above $0.60 could push SHELL to $0.65-$0.70, while failure may see a retracement to $0.50-$0.48 amid volatility.
MyShell (SHELL), a decentralized AI consumer layer designer, has been having notable price movements. Its listing in Binance’s HODLer airdrop led to a 45% price surge. However, the token has since retraced, showing increased volatility.
On February 28, at press time, SHELL was trading at $0.5655, a 8% decline in 24 hours. Despite this drop, the token has gained by 24.16% over the past week and 23.97% over the past month. Its market cap is at $152.76 million, down by 7.73%. The 24 hour trading volume surged by 463.95% to $761.38 million, indicating increased market activity.
SHELL Price Trends and Market Indicators
SHELL’s price has strong bullish momentum. The token current price has surpassed both its 7 day and 30 day moving averages. The MA7, at $0.57, shows short term growth, while the MA30, at $0.502, indicates a steadier uptrend.
Increased trading volume, reaching 761.38 million, suggests growing investor interest. If this trend persists, SHELL could sustain its upward momentum. Price observations indicate a breakout above resistance levels, with $0.57 now acting as short term support.
However, increased volatility could lead to corrections. The sharp price surge, coupled with increased volume, shows strong market participation. The bullish trend is evident as the MA7 is above the MA30.
Market Sentiment and Future Projections
Market sentiment indicators show mixed signals. The Cumulative Volume Delta (CVD) is negative at -48.876M, suggesting strong selling pressure.
Open interest climbed from 31.217M to 32.738M, suggesting increased market activity. A funding rate of -0.0211 indicates that short sellers are dominant, increasing the likelihood of a short squeeze if bullish momentum holds.
Aggregated futures bid and ask delta data show a -332.255K reading, indicating aggressive limit sell orders in futures markets. While these factors suggest possible short term pullbacks, increased open interest indicates sustained activity in SHELL trading.
Key Levels to Watch for March 1
SHELL, in an hour’s timeframe, recorded a high of $0.5877 and a low of $0.5300. A critical support level is at $0.5300, while resistance is at $0.60. If SHELL surpasses $0.60, it may test the $0.65-$0.70 range.
However, if selling pressure persists, a decline toward $0.50-$0.48 is possible. Monitoring volume trends and resistance levels is essential to try and predict SHELL’s price movement in the near term.
