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.
How’s SHIB doing?
Shiba Inu had a good ride. The memecoin is still 55% above its January 1 price. The only question is whether more percentages will be added in the near future. To analyze this we use the daily chart.
Here we see three different things: blue zones, red arcs and an orange line. We start with the blue zones. These are the main support and resistance zones. The SHIB price has not moved here since May 2022. This has resulted in a sideways move between USD 0.000008 and USD 0.000018 so far.
Still, we see something beautiful in this flat move: the price eventually reaches a higher high (hence the red arcs to indicate this). When SHIB hit the lower blue zone in November, it was expected to immediately bounce back to $0.00018.
The price is now on its way, but as you can see, the upward movement is weakening. This is not surprising, as prices generally do not rise all at once. This creates a scenario where the SHIB could see a minor correction in the coming days.
University degree
If the price does not immediately move to the upper zone, then we have to look for a suitable place to reach a new low. The location for this would perfectly match where SHIB landed after the November 2022 crash.
In that case, SHIB would still hit the upper blue zone first, while the price also forms an even higher low. This would be very bullish as it starts an uptrend.
For that, the price would first have to show a dent towards that $0.00000907. This can mean an increase of almost 100%. But beware: this is a possible scenario if the price weakens from here and does not suddenly continue.
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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.
