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.
Shiba is on its way!
On the chart below, we see two blue zones that currently serve as support and resistance. Price has reacted to this in the past and this is the biggest indicator to say anything about the future.
The price bounced off the lower blue zone and therefore, as discussed in the previous analysis, SHIB is likely to continue higher towards the upper resistance. This roughly equates to a fee of $0.000018.
The course hasn’t arrived here yet, but we can safely say Shiba Inu is on its way. As you can see, the coin also broke the green trendline we mentioned in the previous analysis. The impact of this is not clearly visible on the weekly chart, but it is on the daily chart. That’s why we take a look at it.
The broken trendline
In the chart below, each candle does not represent a week – as in the chart above – but 24 hours. A smaller time frame helps us analyze short-term movements. As you can see, the price has crossed the green trendline resulting in a 30% increase. In this analysis you can see the graph before this happened.
A small correction is currently taking place, but that is part and parcel of such a huge increase. Shiba Inu’s next stop is $0.000018. The only question is whether the green trendline will be pre-tested. In that case, SHIB may drop a few percent to about $0.000012.
In any case, the end point of this journey is in sight, and it is also possible for SHIB to ascend to the upper blue zone in one go. It’s important to consider a dip at this point, as this is a point where many people will sell. Still, the Shiba Inu has been on a pretty wild ride these past few weeks.
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Source: Btc Direct
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Barry Siefert is an accomplished journalist and author at The Nation View. He is known for his expertise in the field of cryptocurrency, and has written extensively on the topic. With a background in finance and economics, Barry has a deep understanding of the underlying technology and market forces that drive the crypto industry.
