SHIBA INU (SHIB) Is Going To Explode Exactly From Here


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    Published on Jul 07, 2021
    About :

    Hi, friends hope you are well and welcome to the new update on SHIBA INU (SHIB) token. In this idea, I will tell you the right long-term entry for this token.

    Down channel:
    The price action of the Shiba token is moving in a down-channel pattern since 19th May 2020. It was hitting the support and resistance of this channel very well but now after 29th June, it is continuously moving at the resistance of this pattern for 9 days. This is the longest time period the price action is moving at the resistance.

    The volume profile:
    After placing the volume profile on all the candlesticks moving within this down channel, It can be easily observed that for the last 9 days the price action of Shib is following the volume profile and moving around it. Now if we take a look at the interest of the traders as per this volume profile then it is showing nice interest of the traders close to the resistance and very weak interest of the traders at the support.

    Simple moving averages:
    After placing the simple moving averages with the time period of 25 and 50 on the daily time frame, it can be easily noticed that the 25 simple moving average is moving towards the upside to cross up the 50 simple moving average and it is a rule that whenever the smaller time period moving average crosses up the bigger time period moving average it produces the rally towards the upside. Therefore, once this cross will be formed then we can expect that the priceline of Shib token will have a nice support of 25 and 50 simple moving averages as both moving averages have already crossed down the candlesticks to provide nice support.

    Best long-term entry:
    The price action is having another additional resistance with the resistance of the down channel which is at $ 0.00000930. Therefore the best long-term entry can be when the price action will break out the resistance of the down channel and the price level resistance of $ 0.00000930 as well. At this time both resistance levels are at the same level. Therefore, if the Shib token breaks out the resistance of the channel then price-level resistance will be also broken out. But buying before this breakout can be drastic, because if the price action will be again rejected by the resistance of the channel then it can move down to test the support that will be approximately at $0.00000560.

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