- Crypto analyst breaks down the technical chart of Shiba Inu.
- He predicts that SHIB will likely have an explosive snapback.
- At press time, Shiba is still in a bear position.
While the Shiba Inu army awaits a surge in the price of the SHIB at any moment as the memecoin is currently experiencing a bear. Many analysts are giving their opinions on the status of Shiba and a possible bull or concurrent bear.
Popular Youtube crypto FXStreet says that Shiba Inu is technically positioned very nicely for an extended move higher with a standard-looking bullish continuation pattern. He says there is a lot of support between the zone high volume at 55 and the 382 fib retracement both in 57.
According to him, things will more than likely return into a nice expansion phase If there is a daily close around 60 that will position it back above the tank and send it to a new three-day high and new three-day high close.
Then, the composite index is a clear hidden bulls divergence between the candlestick chart and the composite index. Therefore, the composite index has lower lows and the chart has higher Lows. Adding on, November 5 printed a low on the composite index and that was the third-lowest low it has had and it hasn’t moved back above its moving averages. That means, it is positioned very nicely to extend higher.
Additionally, on the point figure chart, when shifted from point .0025 point to .5, it does have a very ugly-looking bearish catapult set up, but if that were to trigger it would have to come all the way down to 40. And then, using the vertical profit target method and point figure, it projected at negative zero, which is not going to happen. However, if it moves up to 80 on this point figure chart, the projected zone is quite high, up at .00016.
Further, he asserted that Shiba Inu will make an explosive move right back. At press time, SHIB’s price is down by 5.25% and trades at $0.00005123 per unit with a market cap of $28,222,348,165. Conversely, trading volume is up 98.59%, representing $5,160,285,97.
