Chat gpt technical analysis from #shib based on this chart
With price prediction !
To provide a technical evaluation and short-term prediction for SHIB/USDC (Shiba Inu), let’s analyze the chart and indicators:
Technical Analysis Observations
1. Price Action:
• SHIB is showing a recovery after hitting a recent low around 0.00001079. The price has surged and is currently at 0.00002690. This upward movement forms a bullish green candle after a prolonged downtrend.
• The recent candle shows strong bullish momentum, breaching resistance at 0.00001946, which could signal a reversal or short-term bullish trend.
2. SAR (Parabolic Stop and Reverse):
• The SAR dots are below the price, indicating bullish momentum. This suggests the possibility of further upward movement as long as the price stays above this support.
3. Moving Averages (MA):
• MA(5): 3.92T and MA(10): 2.26T suggest the 5-day moving average is above the 10-day, confirming short-term bullish momentum.
• If this MA crossover sustains, it could indicate a continuation of the upward trend.
4. Volume:
• A significant volume spike (4.68 trillion) indicates buyers are stepping in, further supporting the potential bullish reversal.
5. RSI (Relative Strength Index):
• RSI is at 50.33, which is neutral but trending upward. If RSI crosses above 60, it will indicate stronger bullish momentum.
6. MACD (Moving Average Convergence Divergence):
• The MACD histogram is positive, and the MACD line is above the signal line, confirming a shift to a bullish trend.
Prediction for the Next 2 Months
Based on the current indicators:
• Short-Term (1–2 Weeks): SHIB may test resistance levels around 0.00002949 and 0.00003953. If buying momentum continues, these levels could be broken.
• Medium-Term (2 Months): If SHIB maintains its upward movement and avoids a major selloff, it could move toward 0.00005000 or higher, provided market conditions remain favorable.
Key Support and Resistance Levels:
• Support: 0.00001946 and 0.00001079.
• Resistance: 0.00002949, 0.00003953, and 0.00005
