Analysis: Will Shiba Inu (SHIB) Fly To $0.00001800 Anytime Soon?

Analysis: Will Shiba Inu (SHIB) Fly To alt=

What analysis would you like to see? Every week we conduct a survey on our social media. Here you can vote for the next altcoin review. This week Shiba Inu (SHIB) emerged victorious. Let’s look at the course.

SHIB encounters resistance

Our previous reviews show that Shiba Inu are doing very well. The currency has risen very quickly in a short period of time. Let’s take a look at the weekly chart to see if there is any room to the upside. Here each candle represents 7 days.

This shows two blue zones that currently serve as support and resistance. This is what price has reacted to in the past and is the biggest indicator that tells you something about the future. The price has bounced back from the lower blue zone and therefore SHIB is likely to continue rising towards the upper resistance.

The only problem is that the price is now facing a new point of resistance: the green trendline. This is created by connecting the last ends of the SHIB. As you can see, the price does not break all at once, but the coin slows down for a while.

That’s not necessarily a bad thing, but SHIB investors obviously preferred to see the coin through in one fell swoop. Still, it’s good to keep a trendline in mind. It often happens that breaking it pushes the price even lower. In the case of the Shiba Inu, this “break” can result in a price close to $0.000018. This is about 55% above the current price of $0.00001165, but keep in mind that the SHIB price may also drop first.

downward trend

As mentioned in other reviews, SHIB price is still showing lower highs and lows. This is less visible on the weekly chart, which is why we also look at the daily chart. Here each candle represents 24 hours.

In the graph below you can see that the price is making lower and lower peaks. Therefore, it is quite possible that we will return from here. The coin can only explode all at once to $0.000018 if SHIB hits a new high here.

Again, this would immediately break the green line. This scenario is currently the most positive short-term outcome for SHIB. The most bearish near-term scenario is for SHIB to return to the lower blue zone around $0.00000840.

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Source: Btc Direct

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