Crypto winter is coming to an end for the Shiba Inu as the bullish chart structure is set to take off SHIB!
A steady rise away from the deep rounded-bottom pattern has seen the SHIB army post substantial gains of 60% so far in 2023.
Powell’s promise of ‘data-driven’ decisions at Wednesday’s Fed meeting encouraged traders. But despite a bullish week in the markets, this sentiment has done little for SHIB. The current price is holding the resistance at $0.00001249.
Some media pundits expressed concern that the bullish momentum behind the Shiba Inu’s ascent had come to an end. Others predicted an even shorter slide.
Our analysts disagree. Price action sings a different tune as we approach the weekend. After all, it is not uncommon for altcoins to experience a ‘lag effect’ on the back of a macro trend.
shib bull Engaged in a 10-day battle, facing intense resistance at $0.000012. Despite 4 major green lights, the fear of a downside correction remains.
But a strong bounce back on Thursday’s test of the 200-day MA (trend lower support) has provided a much-needed boost.
price action Today there was an upside move through the $0.000012 resistance. A strong re-confirmation of the Bullish pendent shown by the current movements.
Exciting talk around the release of the highly anticipated ecosystem layer-2 Shiberium (now in beta testing), could give bulls the news they need to push them higher into breakout territory,
Shiberium will enable faster and cheaper transactions. This will enable significantly more growth in the Shiba ecosystem – with particular interest around opening up avenues for a competitive DEX offering.
How high can the SHIB breakout go?
A breakout could be possible here, the Bollinger Bands are tightening. There are few rallies from this level local point of reference To signify upside potential.
Back on October 29, a bullish move from here took it to a high of $0.000015. And a similar breakout on 14 August saw it jump to $0.000018.
This provides a suggested rally top of $0.000015 – $0.000018. An exciting ability +43% upside gain.
Our local support level (if the 200-day MA gives way) is likely to sit at $0.000011. Downside risk of -20%.
risk reward The structure for the current price action is 2.17 – an interesting proposition for the profit hungry.
Looking at the leading indicators for further illumination reveals little.
RSI 14 has given overbought signal at 62.9 today.
The RSI has not overheated during this 10-day period testing the resistance at $0.000012. Sustaining this rally suggests a significant influx of sustained buying pressure.
As for MACD? 0.00000006 – Minor bullish divergence after a convincing performance from the 200-day MA as support.
Shib option?
While the picture is improving for the Shiba Inu (SHIB), it may still take several months after some substantial returns. In the meantime for anyone looking for high-potential options, we have listed the top 15 cryptocurrencies for 2023, as analyzed. crypto news Industry Talk Team.
The list is updated weekly with new altcoins and ICO projects, so be sure to check back for new entries.
Disclaimer: The Industry Talks section contains insights by crypto industry players and is not part of the editorial content of cryptonews.com.
