IS SHIBA INU BEARISH OR JUST GEARING UP FOR ANOTHER PUMP???
Hello folks,
Welcome to this update on 1000SHIBA INU/USDT pair.
On this chart, we will analyze the present and the upcoming scenarios on SHIB.
So, let's hop into the chart.
Lately, SHIB showed some correction in its price action which brought 1000SHIB to a critical level. After reaching its ATH at $0.089575, 1000SHIB dropped up to $0.058650 which was almost -34% down. Currently, it has recovered and the present price at $0.069800 is -22% down.
So, after looking at the current situation, the question arises that whether 1000SHIB will bounce from here or will it bleed bad?
To answer the bullish or bearish move we must consider some levels which will decide the price movement.
Bullish:
1. After this correction, 1000SHIB might possibly show some upward rally.
2. 1000SHIB is currently testing the 100 MA, which is strong support.
3. In the past, 1000SHIB made a similar move, and right after the wait was over, it pumped hard.
Bearish:
1. 1000SHIB has fallen below the lower trendline which is a bad sign.
2. The 21 MA and 100 MA are forming a bearish crossover.
Now, when to enter short or long on this trade?
We can enter long on 1000SHIB only if it breaks up and closes above the 21 MA.
We can enter short on 1000SHIB only if it breaks down and closes below the 100 MA.
In both scenarios, we must wait for confirmation.
That's it from my end.
If you like this content the do hit the like button and share your opinion in the comment section.
Thank you.
Welcome to this update on 1000SHIBA INU/USDT pair.
On this chart, we will analyze the present and the upcoming scenarios on SHIB.
So, let's hop into the chart.
Lately, SHIB showed some correction in its price action which brought 1000SHIB to a critical level. After reaching its ATH at $0.089575, 1000SHIB dropped up to $0.058650 which was almost -34% down. Currently, it has recovered and the present price at $0.069800 is -22% down.
So, after looking at the current situation, the question arises that whether 1000SHIB will bounce from here or will it bleed bad?
To answer the bullish or bearish move we must consider some levels which will decide the price movement.
Bullish:
1. After this correction, 1000SHIB might possibly show some upward rally.
2. 1000SHIB is currently testing the 100 MA, which is strong support.
3. In the past, 1000SHIB made a similar move, and right after the wait was over, it pumped hard.
Bearish:
1. 1000SHIB has fallen below the lower trendline which is a bad sign.
2. The 21 MA and 100 MA are forming a bearish crossover.
Now, when to enter short or long on this trade?
We can enter long on 1000SHIB only if it breaks up and closes above the 21 MA.
We can enter short on 1000SHIB only if it breaks down and closes below the 100 MA.
In both scenarios, we must wait for confirmation.
That's it from my end.
If you like this content the do hit the like button and share your opinion in the comment section.
Thank you.