Shiba Inu(SHIB) Ready to wake up! Technical analysis
Updated
Hello. Shiba Inu(SHIB) has been sleeping over the past few days, but the next wave of SHIB enthusiasm may be coming... or not. In my technical analysis we will look at SHIB and where it may be going.
SHIB is a meme coin which went up tremendously last October. This November however, SHIB kept making lower highs as the price consolidated and the hype died down. However, the hype may come back to Shiba Inu very soon.
What makes this coin ready to have a third wave? Here are my reasons:
1. lots of bull participation on the price pointed by green arrows. Notice how they jump up to the orange dashed line.
2. Prior consolidation
3. RSI sitting at 50, RSI roaming around 50 levels is what I like to find for possible future rallying cryptos
4. SHIB is still in an uptrend in the daily chart. This is true until the green dashed line is broken with a big bearish candle and heavy volume.
My criteria to consider this an 'awake' coin:
1. previous high (.000058) broken, marked by a cyan line.
2. Orange dashed line broken with good volume
3. RSI breaks its own pattern
If the above criteria is fulfilled we may see SHIB rally to the 0.618 fib or 0.00007 levels. But first, we may see a move to the green dashed line before the rally.
Thank you for reading! Give feedback in the comments!
SHIB is a meme coin which went up tremendously last October. This November however, SHIB kept making lower highs as the price consolidated and the hype died down. However, the hype may come back to Shiba Inu very soon.
What makes this coin ready to have a third wave? Here are my reasons:
1. lots of bull participation on the price pointed by green arrows. Notice how they jump up to the orange dashed line.
2. Prior consolidation
3. RSI sitting at 50, RSI roaming around 50 levels is what I like to find for possible future rallying cryptos
4. SHIB is still in an uptrend in the daily chart. This is true until the green dashed line is broken with a big bearish candle and heavy volume.
My criteria to consider this an 'awake' coin:
1. previous high (.000058) broken, marked by a cyan line.
2. Orange dashed line broken with good volume
3. RSI breaks its own pattern
If the above criteria is fulfilled we may see SHIB rally to the 0.618 fib or 0.00007 levels. But first, we may see a move to the green dashed line before the rally.
Thank you for reading! Give feedback in the comments!
Note
SHIB's recent candles have been very small. Interesting.
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