SHIB was is one of the revelations of the current bull-run, going from nothing to being a top 20 coin.
Since SHIBA's massive move in October - November, the trend has been down. Since topping around 8600, SHIB has lost over 55% of its value.
This kind of weakness offers a massive opportunity for redemption, since strong moves are often followed by strong moves in the other direction.
The key area is the yellow circle on the chart. If SHIBA can break out of the descending wedge pattern, we might see a push towards the last local top. A bullish move from BTC would help greatly.
On the other hand, a rejection from the resistance could signal further downside towards the support of the pattern.
Happy trading!
Since SHIBA's massive move in October - November, the trend has been down. Since topping around 8600, SHIB has lost over 55% of its value.
This kind of weakness offers a massive opportunity for redemption, since strong moves are often followed by strong moves in the other direction.
The key area is the yellow circle on the chart. If SHIBA can break out of the descending wedge pattern, we might see a push towards the last local top. A bullish move from BTC would help greatly.
On the other hand, a rejection from the resistance could signal further downside towards the support of the pattern.
Happy trading!
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