Shiba Inu (SHIB) Analysis

2 min read March 26, 2024
Kyle Carigo

Shiba Inu (SHIB) Analysis

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, Volume, Support and Resistance.

Shiba Inu (SHIB) technical analysis:

Trade setup: Price remains in an Uptrend. After a brief consolidation in a Bullish Flag pattern, price has broken out and could revisit $0.000040 for a +30% upside potential. Stop Loss (SL) level at $0.000022. (set a price alert).

Pattern: Bullish Flag pattern. Short term small rectangle trading range between diagonal parallel lines. It moves counter to the prevailing price trend observed in a longer time frame on a price chart. It forms typically following a sharp advance and often indicates a small change in direction (or areas of consolidation) before the previous trend resumes. Flag pattern is among the most reliable continuation patterns that traders use because it generates a setup for entering an existing trend that is ready to continue. Trade is initiated on a breakout, if it is in the same direction as the prevailing trend. Also, with bullish flag patterns, traders prefer a breakout with an increase in volume but it isn’t a must.

Trend: Uptrend across all time horizons (Short- Medium- and Long-Term).

Momentum is Mixed as MACD Line is below MACD Signal Line (Bearish) but RSI > 55 (Bullish). MACD Histogram bars are rising, which suggests that momentum could be nearing another upswing.

Support and Resistance: Nearest Support Zone is $0.0000225 (previous resistance), then $0.0000150. The nearest Resistance Zone is $0.000040, then $0.000050.

Shiba Inu_Tether_2024-03-26_19-59-15See live Shiba Inu (SHIB) chart here.

Read more curated charts of coins with technical analyses.

 

Recent news and research:

This Crypto Wallet Turns $8000 worth Shiba Inu (SHIB) to $5.7 Billion in Just 400 Days

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Shiba Inu (SHIB) defies critics with buoyant NFT demand and new all-time high

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The Greatest Trade of All Time? A SHIB investment came from $8,000 to $5.7 billion in 400 days.

Shiba Inu Becomes First Meme Token To Live Up To The ‘DOGE Killer’ Title

Find more real-time news here.