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SHIB Shiba Inu Possible Downward TargetHello friends, today you can review the technical analysis on the 1D linear scale chart for Shiba Inu ( SHIBUSDT ), a altcoin cryptocurrency. #CryptoPickk noted in the chart: 1) The Shiba Inu price is currently in a Descending Channel Pattern (or Descending Wedge Pattern) since October 28, 2021. 2) The channel has been tightening over the period of a month and currently testing a major support area where the price met an all time high in early May 2021. This is outlined by the blue dash horizontal line. 3) Though a descending channel or descending wedge pattern is considered bullish, the price may still have room to drop as the entire cryptocurrency market is down with potential for more downside as Bitcoin has potential to go lower still. 4) In May 2021, when the price hit the All Time High, it corrected 83%. This time, the price may be supported by the 100 MA (orange line), which is also sitting around support areas from the prior consolidation (green dash line). 5) From the current All Time High price to the 100 MA, the price would correct about 70%. From the current price point to the 100 MA, the price still has potential to correct another 30% (green dash line). 6) The RSI ( relative strength index ) is not oversold yet and has been moving in a descending channel as well. I noted three other RSI similar trends with the oval shape showing the breakout of the trend. 7) The Stochastic RSI ( Stoch RSI ) is coming out of the oversold region but has potential to hover there for a bit longer similar to the prior periods shown in oval shapes. 8) The Volume has picked up recently but not enough to have a breakout or breakdown yet. 9) Since it is a descending channel or descending wedge, there is a higher probability to break to the upside but current market conditions may provide otherwise. Keep an eye on Bitcoin and Ethereum. 10) Lastly, this is Shiba Inu, so anything is possible. :) What are your opinions on this? If you enjoy my ideas, feel free to like it and drop in a comment. I love reading your comments below. Disclosure: This is just my opinion and not any type of financial advice. I enjoy charting and discussing technical analysis. Don't trade based on my advice. Do your own research! #cryptopickk
by MillionaireEconomics
6
SHIB Finds Support Off Key Fibonacci 0.618 LevelAlright, In my last post I held a neutral stance because Shib approached a key a Fibonacci Retracement Level of 0.618 (or .00003798). I said that if it bounces off this level that this may signify the bottom and would be a good entry point. Since then, it has bounced off the level with strength and came back down to test support at 0.618 retracement level. With the recent selloff of nearly everything earlier, this level held support very well and could be regarded as a key support level. I'd also consider this area a key accumulation zone and would try to accumulate anything in the .000037 - .000039 range. Now that support is confirmed of multiple tests at that level you may look to the Fibonacci Extensions Level as likely target price levels. Most of the time, at these Fib extension levels, you can see price action momentum stalling out, consolidation, or even a reversal. So these levels are key levels to watch in the uptrend. At the moment, I'd close any short positions and open long positions in accumulation zone near the 0.618 retracement level. Technicals: The Momentum indicators don't show much change on the daily due to the selloff earlier but the 8 and 12 hour ChandeMO indicator crossed the 9-day Moving Average. This is usually an indicator of positive momentum prior to a rally. This would solidify my going long stance further. Good luck and Happy Trading.
Long
by Trillah
8
Shibainu December 2021 forecast and growth prospects in 2022.Here is the Shibainu forecast, as I see the movement of the coin during December, and below is the argumentation and explanation. As I wrote in the forecast for November, which turned out to be correct, Shiba should be compared with other meme coins, and not with Bitcoin, Ether and other steadily growing cryptocurrencies. Shiba is not the first meme coin, so we have a chance to predict its behavior by comparing it with other meme coins. At the end of October, when I made my forecast for November, I chose Doge as a pair to compare with Shiba, because Doge’s pump was relatively recent and the reasons for it growth are approximately similar. Who does not know, Doge began as a meme coin after a poll on one of the Twitter accounts among users, where the question was asked: “which coin do users consider more promising.” In the comments, many peoples wrote about Doge, after admin of that page chose it and began to predict its growth. This was the first Doge’s pump. After that, Elon Musk began to mention the DOGE, which led to the strengthening of the upward movement of the coin. Shiba Inu has about the same story, the coin attracted with its value with many zeros, users began to guess that if it ever soars to even one cent, you can become millionaires by investing now only 100 dollars. One cent is considered by many to be a very real price if you look at the bitcoin price of $ 60,000, but many forget the fact that the price of 1 cent for a shibu implies a coin capitalization several times larger than bitcoin. Nevertheless, a meme is a meme, the community begins to grow, the price gradually increases. Then, Elon Musk posts on Twitter a photo with a Shiba puppy, which leads to a pump of the coin and the beginning of its already serious growth and an increase in the community. It is still a mystery to me whether Ilon had plans to hype Shiba, it seems to me that the goal was to hype Doge, but many regarded this as support for the Shiba, after which its stronger growth began. After that, Elon said that he did not have a Shiba coin, which led to a short-term price decrease, but the community and the meme could not be stopped). In this regard that I took for comparison the Doge’s chart to Shiba, since the coins have approximately the same history, etc., which turned out to be correct in November and the coin absolutely reached my goal at the end of the month. I understand that Shiba now has its own positive background for growth, and the destruction of tokens, etc. But with such decline, you need to understand that there is also a negative background, every day many investors want to come out of the coin. And for the start of growth, sales must be stop and a more positive background for growth should be formed. In the short term, I do not see such a background, so I believe that the coin will continue to move further as Doge in this period of decline after it pumped, after which an upward movement may form. On the main chart, added Doge’s movement after the pump, the similarity of the movement is obvious. The forecast may be hampered by an overly favorable background in the crypto market by the end of the year, but I think this is unlikely, since the entire background will be aimed at the growth of nft and meta coins, the shiba has no prospects for growth in the near future. My November forecast in Related Ideas
Short
by TheWolfOfFewStreets
10