Based on Javon's analysis, Shiba Inu (SHIB) shows signs of continuing a strong upward price trend, supported by technical factors and interest from the investor community. Here are some highlights from the analysis:
1. Recent upward price trend
• SHIB has overcome a correction phase with a 'descending wedge' pattern, marking a strong breakout.
• The current price is maintaining above the important support level of $0.00000950 and is trending to consolidate around $0.00001000, preparing for the next growth phase.
• The important resistance levels are $0.00001100 and $0.00001500, with a potential long-term target of $0.000081.
2. The role of Fibonacci levels
• The Fibonacci retracement level of 0.236 at $0.00002703 is acting as an important support, confirming the upward trend.
• If maintained above this level, SHIB could continue to rise to higher resistance levels like $0.00003500 and $0.00004000.
• However, if the price drops below $0.00002703, lower support levels like $0.00001927 may become short-term correction targets.
3. Technical indicators
• Stochastic RSI indicates overbought conditions, suggesting the possibility of price consolidation in the short term. This aligns with SHIB's price history, which typically experiences slight corrections before continuing to grow.
• Increased trading volume during recent breakouts indicates strong market support and investor interest.
4. Future potential
• If the price surpasses the resistance level of $0.00003500, the next target could be $0.00004000 and higher.
• In case the market corrects, strong support areas like $0.00002703 or $0.00001927 will be places of interest for investors.
Conclusion
The current trend of Shiba Inu shows strong upward price potential, but investors should be cautious of overbought conditions in the short term. Closely monitoring important support and resistance levels, along with trading volume, will help accurately determine the timing and strategy for market entry.
Source: CryptoRank.
