SHIBA INU (SHIB) : Consolidation or Distribution?

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$SHIB

Key Insights :
Trend : SHIB is consolidating near its 200 EMA, signaling a critical phase.
Fibonacci Zone : Currently positioned in the Fibonacci golden zone, hinting at potential accumulation.
Parallel Channel : SHIB is at the bottom of its parallel structure, offering a critical support level for long-term movement.

Technical Analysis :

Support Levels :
$0.00001782 (strong support)
$0.00002056 (key psychological level)

Resistance Levels :
$0.00002350 (first major barrier)
$0.00003039 (secondary resistance, breakout confirmation)

The price's ability to stay above the 200 EMA is pivotal. A bounce from the EMA, supported by volume, could confirm accumulation. However, if SHIB breaches the golden zone, it risks entering a distribution phase before markdown.

Pro Tip :
Monitor volume spikes and price action around the 200 EMA. Use Fibonacci retracement levels as potential entry and exit points.

Advice to Investors :

For Long-Term Holders :
Accumulate near support levels ($0.00001782 and $0.00002056).
Look for confluences like rising volume and bullish divergence.

For Short-Term Traders :
Target $0.00002350 for partial exits.
Breakout above $0.00003039 could lead to explosive gains.

Risk Management :
Set a stop-loss below $0.00001750 to minimize downside risk.

Conclusion :
SHIB is at a critical juncture. Holding above the 200 EMA with strong volume could indicate accumulation, while failure to hold may lead to markdown. The Fibonacci golden zone offers hope for a rebound, but traders must stay cautious.

"The current consolidation phase could pave the way for bullish momentum. Stay patient and monitor key resistance levels for confirmation."

The Uses of #cryptocurrency Based on Its Types

Cryptocurrency has various uses, depending on the type and purpose of its creation. In this discussion, we will cover one category, namely community-based currencies, and their use cases.

1. Community-Based Currencies
Community-based currencies are designed to support a specific community or project. Their use is usually limited to small transactions, rewards, or activities within the community itself. However, I personally am not very interested in this type of currency, mainly because of the lack of strong fundamentals and clear prospects. If you are not part of the community or do not understand the purpose of this currency, it is better to avoid investing your money in it.

Examples include Dogecoin and Shiba Inu, often referred to as meme coins.

Dogecoin: This currency is famous for its popularity surge in 2021. Fundamentally, Dogecoin has an advantage in its high volatility, which attracts speculative traders. Although it experienced significant declines in 2021-2022, #Dogecoin managed to recover without returning to its initial launch price. This makes it quite appealing for short-term trading, although it is less ideal for long-term investors.

$DOGE

Shiba Inu: Unlike Dogecoin, #ShibaInuUpdate has weaker fundamentals. This coin is less suitable for long-term investment because its value heavily depends on market hype and speculation. Therefore, investors need to be cautious when considering Shiba Inu as an investment asset.

$SHIB

Conclusion
Community-based currencies may be suitable for those who already understand a specific #Community or want to participate in community-based projects. However, for beginners or long-term investors, this type of currency often carries higher risks compared to other types of cryptocurrencies.

Share your views on shiba inu for 1st January 2025 #Shibainuholder #ShibaInuUpdate #Shibarium #shibainu

why is the shiba inu price going up?

volume significantly increased in tandem with the breakout, indicating heightened investor interest. additionally, this move strengthens shib's upward trend by positioning it well above the #crucial 50, 100 and 200 ema levels.
But why ! ! down today #ShibaInuUpdate