Shiba Inu (SHIB) Analysis

2 min read November 20, 2024

Kyle Carigo

Shiba Inu (SHIB) Analysis

In addition to automated chart patterns, altFINS’ analysts conduct technical chart analyses of top 30 cryptocurrencies. We call these Curated Charts and they evaluate 5 core principals of technical analysis: Trend, Momentum, Patterns, Vo lume, Support and Resistance.

Shiba Inu (SHIB) technical analysis:

Trade setup: Price had a breakout from Falling Wedge, which signaled a bullish trend reversal. It reached $0.000026 resistance, got overbought (RSI > 75) and pulled back some profit taking by traders. We would be buyers on a pullback with upside potential to $0.000033 next. (set a price alert). Learn to trade breakouts in Lesson 7 and Risk Management in Lesson 9.

Patterns: Pullback in Uptrend. Price remains in an Uptrend but has pulled back, which could present a ‘buying dip’ opportunity. Traders should look for the nearest support level where price could stabilize and resume its Uptrend. This support level could be a level where price bounced off of in the past, or a level that was previously resistance. (concept known as polarity).Learn to trade key levels in Lesson 3.

Trend:Short-term trend is Strong Up, Medium-term trend is Strong Up, Long-term trend is Strong Up.

Momentum Price is neither overbought nor oversold currently, based on RSI-14 levels (RSI > 30 and RSI < 70).

Support and Resistance: Nearest Support Zone is $0.000021, then $0.000015. Nearest Resistance Zone is $0.000026, then $0.000033.

Shiba Inu_Tether_2024-05-21_16-03-26 See live Shiba Inu (SHIB) chart here.