Shiba inu has gone down by 61% since it staggering all time high of $0.0008865 last month. It sits on the Fibonacci retracement of 0.061 (meaning it has lost 61% of its value since all time high, but yet all these analysis doesn't quite still posses a safety net to buy shiba inu or not?
So while roaming around the charts I noticed a bullish divergence on the 1hr time frame, exactly at the 0.061 Fibonacci support level, historical last month the Fibonacci level has been a normal zone for trend reversal in shib, both on the daily and hourly time frame, though its current downtrend seems impossible to stop at some point everything that goes down must surely come back up.
The bullish divergence popularly know for trend reversal indications on the RSI stochastic is said to be the strongest indicator into a market upcoming bull run and with the strong community shib has, there is lot of fundamental and technical analysis supporting a reversal to the upside.
So while roaming around the charts I noticed a bullish divergence on the 1hr time frame, exactly at the 0.061 Fibonacci support level, historical last month the Fibonacci level has been a normal zone for trend reversal in shib, both on the daily and hourly time frame, though its current downtrend seems impossible to stop at some point everything that goes down must surely come back up.
The bullish divergence popularly know for trend reversal indications on the RSI stochastic is said to be the strongest indicator into a market upcoming bull run and with the strong community shib has, there is lot of fundamental and technical analysis supporting a reversal to the upside.