Date: 12 November 2024
$SHIB has been going down for Sideways Market Trend and Bearish Trend a long time.
Now, the question arise will SHIBA INU going to rise now?
Based on my Analysis SHIBA INU has been oversold a lot, due to which prices has fallen down for some time. Now, it's time where our traders or investors are ready to buy again at low prices, this meme coin, mostly they will buy at the Support Zone, and rise the SHIBA INU coin Price again.
These traders or investors are the one's who missed the opportunity to buy the SHIBA INU Coin, now, since the prices has been down again, they will mostly buy this meme coin and rise the SHIBA INU coin.
This is just a logical Reason. it may differ from person to person
Coming Back to our Technical Analysis, which will say about the SHIBA INU price going to rise or fall.
Now, if you look at the 5 mins time frame of SHIBA INU chart, The RSI indicator is running at point 50-55, and this RSI indicator is going uptrend, so, guys, there is a potential that SHIBA INU will move more in a upward trend, until in the RSI indicator, the Graph reaches at point 80, till then the SHIBA INU PRICE will increse, once the graph reaches near at point 80, it will suggest us that SHIBA INU is now overbrought and soon the SHIBA INU prices may fall.
Also, in the same 5 mins Chart,the SHIBA INU has crossed the Trend line Resistance, though the SHIBA INU has not crossed the trend line resistance with a large volume still, there is a probability that the SHIBA prices will rise ,
If you guys want more confirmations whether SHIBA prices will go in an Uptrend or not, you may draw a Horizontal Resistance at a zone of $0.00002695 to $0.00002765 and once the SHIBA prices crosses this zone with a good green Momentum candle, and also with good volume, you may enter the trade.
Again, if you look at the MACD indicator of 5 min chart, the MACD line has crossed above the Signal Line, giving us a positive bullish signal.
Next, if you look at the same 5 mins chart, the green candles, or the prices are slowly going up against the Moving Average Indicator lines of 7 (5) mins candles.
Now, let's do our Analysis on 15 minutes Time Frame Chart
In our 15 mins time frame of SHIBA INU, in RSI Inndicator, Graph is below 40 points, which means the SHIBA INU coin is oversold and now the Graph is trying to come above the 40 points, so, there is a high chance since the meme coin is already oversold, now buyers will push the SHIBA INU coin so SHIBA INU might go Bullish now.
Next if we look at the MACD Indicator, The MACD line has crossed above the Signal line , which gives us a good green signal that the prices are going to be in an uptrend
Also, in the same 15 mins Time frame chart, the green candles or the prices are moving up against the 7 (15) mins candle Moving Average, which is again a positive sign that the SHIBA market may be Bullish.
next coming to the 1 hour candle stick chart of SHIBA INU, there is not so much things to do Analysis, for now coz, SHIBA INU prices were going down few hours ago, so our MACD and MA indicator and also Price Action couldn't suggest anything , you will be able to dp a good analysis on 1 hour chart too like i've done in other smaller time frame charts, after few hours have passed like 2-3 hours and be more sure about the SHIBA iNU price confirmations.
But, if you look in this 1 hour Time Frame chart, the RSI indicator is suggesting us something, it shows that the SHIBA INU prices has been oversold , so there might be a good resistance now, that the SHIBA INU prices will not be more oversold, and buyers will take more interest now, and push the SHIBA INU market up.
Last but not the Least on 1 day Chart and 7 days Chart Analysis
RSI indicator at around point 65 then, prices or the candles are above the 7 (1) weeks Moving Average Indicator lines and MACD indicator showing good sign that the MACD line crossing above the Signal line, so for longer time frame, $SHIB is Bullish.
So, guys if you have bought $SHIB today, hold tight, SHIBA INU has already fallen too much now, it's time to rise up, according to the Technical Analysis.
Note: The $SHIB prices can change coz it's a very volatile, and depends on other factors like News, market sentiments and many more. Also, don't forget to put your Stoploss and follow always the Risk to Reward Ratio for minimum losses.
That's all for today. Byee 👋 😊