SHIB Technical Analysis: The Local highs Are Reached
Table of contents
However, in our opinion, you can confidently buy SHIB in two cases. The first signal to buy is a break of the liquidity range $0.0000113-$0.000013 up. In this range, buyers managed to slow down the fall of SHIB for 4 weeks. Breaking up and fixing above this range will open the way for buyers to the target of $0.0000215. So far, this is the final target that buyers can achieve without deep correction and testing for strength. In the event that buyers fail to control the range of $0.0000113-$0.000013 by the current local attack, we will expect the SHIB price near $0.00000850. At this point, there will be a good chance to enter the market of investors who "slept" an aggressive price rebound.
SHIB Technical Analysis On The Daily Timeframe
Analyzing the movement of the SHIB price on the daily timeframe, you can see a clear fall channel, in which the price moves from October 2021. Sellers have tested the lower trend line of the fall channel three times and are now fighting for its middle line. Now buying SHIB is quite dangerous, because the price can easily fall by 20-30% down. The daily timeframe confirms the importance of the $0.0000085 mark. However, a stop order for such a medium-term investment should be placed in anticipation of updating the local low.
The fact is that until the price is fixed above the mark of $0.000013- it is too early to talk about a trend reversal. Below the mark of $0.00000650, the SHIB price should not fall. In the case of gaining a large long-term position in this range, it is worth buying SHIB (if buyers allow the price to reach such low levels). In this case, the average investment price will be about $0.0000072. The minimum growth target of long-term investment is $0.00002. This growth will not disrupt the structure of the downward trend.
The 4-Hour Timeframe Shows The Exhaustion Of Buyers
If buyers actively raised the SHIB price during the 21 June period, then the period from 22 to 27 June can be called a period of laziness that is suffering for buyers. The SHIB price is growing extremely slowly and trading volumes are falling with each update of the local low. Of course, there is still a chance to test the range of 0.000013, but after that we will expect a sharp correction of SHIB to the first target of 0.00000945. If from this mark the weak rebound of the price upwards will begin - it is necessary to expect a continuation of decrease in the price in the range 0,0000085.