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The price of the popular meme-inspired cryptocurrency Shiba Inu (SHIB) has reached a point that can be described as “now or never.” According to the Bollinger Bands indicator, the Shiba Inu token has reached the middle line, and a hold below it could lead to a painful drop of more than 17% to the lower end of the range. Currently, the lower end of the Bollinger Bands indicator is at $0.00002326 per SHIB, while the token itself is currently priced at $0.00002826.
Bollinger Bands, a popular technical analysis tool, measure market volatility and identify potential overbought or oversold conditions. The indicator consists of three lines: a moving average, an upper band, and a lower band. These bands expand or contract based on price fluctuations, giving traders insight into potential breakout or breakdown points.
New: Details However, the opposite is also true, as a bullish breakout outside the average, and holding it there for a prolonged period of time, could open the way for Shiba Inu token to go higher – by as much as $0.0000333 per SHIB.
In other words, there are two options for the highly volatile cryptocurrency in the near term – either a 17% drop or an 18.3% rise. Now the stock is in favor of the bears as this average has crossed $0.0000283.
Arman Shirinian The upcoming weekend will be crucial as SHIB price action will determine whether the cryptocurrency will succumb to bearish pressure or rally towards higher levels as the new week begins. At the moment, market sentiment appears to be bearish, with the average acting as a pivotal resistance level.#ShibaInu News#ShibaInu (SHIB) #MajorAirdropWatch #شيباري #BTCReclaims101K #2024withBinance
