This is not financial advice, but simply technical analysis with some DD.
Shiba Inu Token is about to break out.
1. Volume is increasing
2. Has respected trendlines acting as support (green)
3. Resistance at .000056 appears to soon be broken (need more volume, but slowly rising).
4. MACD on the 4 hour chart is almost positive since the last leg up. It goes back and forth. If it can hold positive for the next hour, volume should start to come in from technical traders sending it higher.
5. RSI is turning bullish
6. Healthy Fib levels in a load up zone.
7. Patterns on many timeframes are starting to form - 1 day TF is starting to look upwards.
8. Well known bull flag pattern with potential catalysts coming (new brokerages adding Shibinu recently).
I would expect to see this make it's way up to the .0001+ mark from now until Wednesday (11/17/21). I would hope it goes and reaches .00012 and then we'll come back down to around 0.00007 and consolidate if the pattern continues. Lot's of holders right around this price and more to come in as we rise (fomo). We'll start to see an unload with technical swing traders exiting, and new(er) traders reacting to FUD. Long term holders will help ensure support is held at higher levels (hopefully). If there are larger catalysts such as Shibarium (blockchain under development) updates, we could see this hit the .00018+ mark during this next run.
Good luck everyone!
Shiba Inu Token is about to break out.
1. Volume is increasing
2. Has respected trendlines acting as support (green)
3. Resistance at .000056 appears to soon be broken (need more volume, but slowly rising).
4. MACD on the 4 hour chart is almost positive since the last leg up. It goes back and forth. If it can hold positive for the next hour, volume should start to come in from technical traders sending it higher.
5. RSI is turning bullish
6. Healthy Fib levels in a load up zone.
7. Patterns on many timeframes are starting to form - 1 day TF is starting to look upwards.
8. Well known bull flag pattern with potential catalysts coming (new brokerages adding Shibinu recently).
I would expect to see this make it's way up to the .0001+ mark from now until Wednesday (11/17/21). I would hope it goes and reaches .00012 and then we'll come back down to around 0.00007 and consolidate if the pattern continues. Lot's of holders right around this price and more to come in as we rise (fomo). We'll start to see an unload with technical swing traders exiting, and new(er) traders reacting to FUD. Long term holders will help ensure support is held at higher levels (hopefully). If there are larger catalysts such as Shibarium (blockchain under development) updates, we could see this hit the .00018+ mark during this next run.
Good luck everyone!