Cryptocurrencies

Analysis: How far will Shiba Inu fall (before the price continues to rise)?


Shiba Inu has had a fantastic few days. The coin recently made a higher high, reaching a price of almost 0.00003. This indicates that the currency wants to rise further, but this is preceded by a decline. Let’s look at the graphs.

Banner Shiba 1

The big picture

We’ll start this analysis with a look at the daily chart, where each candle represents 24 hours. Here we get a good idea of ​​the trend and the strongest price levels. It is important to analyze these first.

In the graph above we see three different price levels: the blue zone (around $0.000024) and two blue lines. The blue zone is currently SHIB’s main support. Almost every time the course arrived here, the course changed direction. It is therefore to be expected that, if SHIB ever returns here, the price will bounce back up again.

Fortunately, SHIB’s price is now moving above this. Only when the coin drops below this price level do you have to be careful, but until then there doesn’t seem to be much going on. This also has to do with the upward trend that the currency is currently in. As you can see from the bottom blue line – which originates from a previous high – the coin has recently made a new higher high.

It is therefore expected that the currency will first make a higher low again – the chance of a drop to the blue zone becomes even smaller – the only question is: where will that higher low come from?

Where will SHIB make a new low?

To analyze this better, let’s also take a look at the 4-hour chart. Here each candle represents 4 hours, allowing us to see the price in more detail. Now that SHIB has made a higher high, the price expectation is very positive, but the price can still drop quite a bit before a higher low.

The only thing that is certain is that the coin should not fall below its previous point of $0.00002440. So there is still quite a wide playing field for this, as SHIB is now trading for approximately $0.00002700.

Yet, due to this upward trend, the price looks very good in the long term. Should the coin make a higher low somewhere here, allowing SHIB to rise through the blue line again, then – for the very long term – a rise to the top blue line in the first graph is possible. There seems to be little resistance up to that point. Therefore, keep a close eye on these graphs!

Related Articles

Leave a Reply

Your email address will not be published. Required fields are marked *

Back to top button