$SHIDO Valentine's Day update Feb 14, 2024
Happy Valentine's Day everyone!
The past 24 hours have indeed been great for $SHIDO, as market cap increased from 98m FDMC to 127m FDMC as of this writing.
$SHIDO continued to range in the zone identified in our last analysis, for 19 days of consolidation. Price action has respected the 61.8% retracement level as February nears mid month and the anticipated news of mainnet launch. The total holders count increased to more than 15k defi wallets, not including cex holdings.
As predicted in our previous analysis of $SHIDO, the RSI did break-out to the upside, as well as the TDI signal line crossing the price line, indicating a buy signal as the overall Market Base Line remains well above the 50 level. As the signal line approaches the MBL, we can expect resistance and possible retest or continued consolidation. What we are looking for is for the price line to cross over the MBL for bullish confirmation. With the pending launch of mainnet any day between today and end of February, the fundamentals of $SHIDO present a strong correlation to the technical chart signals as more $SHIDO is accumulated in anticipation of this long awaited development.
Bollinger bands are beginning to tighten, and could tighten more prior to a breakout. When Bollinger bands tighten, it indicates a drop in market volatility and a "squeeze". A squeeze means that the volatility of an asset has decreased.
When bands tighten during a period of low volatility, it raises the likelihood of a sharp price move in either direction. This may begin a trending move.
Targets remain unchanged. Fibonacci expansion levels (1) and (1.618) are short term targets. These are levels which can be reasonable expected to see substantial resistance as identified by historical analysis.
NFA, DYOR. This is for educational and entertainment purposes only. Cryptocurrencies are highly volatile. Please consult with your financial advisor before investing, and never invest more than you are willing to lose.
The past 24 hours have indeed been great for $SHIDO, as market cap increased from 98m FDMC to 127m FDMC as of this writing.
$SHIDO continued to range in the zone identified in our last analysis, for 19 days of consolidation. Price action has respected the 61.8% retracement level as February nears mid month and the anticipated news of mainnet launch. The total holders count increased to more than 15k defi wallets, not including cex holdings.
As predicted in our previous analysis of $SHIDO, the RSI did break-out to the upside, as well as the TDI signal line crossing the price line, indicating a buy signal as the overall Market Base Line remains well above the 50 level. As the signal line approaches the MBL, we can expect resistance and possible retest or continued consolidation. What we are looking for is for the price line to cross over the MBL for bullish confirmation. With the pending launch of mainnet any day between today and end of February, the fundamentals of $SHIDO present a strong correlation to the technical chart signals as more $SHIDO is accumulated in anticipation of this long awaited development.
Bollinger bands are beginning to tighten, and could tighten more prior to a breakout. When Bollinger bands tighten, it indicates a drop in market volatility and a "squeeze". A squeeze means that the volatility of an asset has decreased.
When bands tighten during a period of low volatility, it raises the likelihood of a sharp price move in either direction. This may begin a trending move.
Targets remain unchanged. Fibonacci expansion levels (1) and (1.618) are short term targets. These are levels which can be reasonable expected to see substantial resistance as identified by historical analysis.
NFA, DYOR. This is for educational and entertainment purposes only. Cryptocurrencies are highly volatile. Please consult with your financial advisor before investing, and never invest more than you are willing to lose.