Shiba Inu Coin Price Analysis: Bullish Signs and Potential Scenarios
As of October 19th, the Shiba Inu (SHIB) coin saw a halt in its price decline, marking the beginning of an upward trend. Currently, SHIB has broken its previous downtrend and achieved a local peak at $0.00000824 on October 26th.
After reaching this swing high, it's worth noting that the upward momentum lacked confirmation from the Relative Strength Index (RSI), showing divergence with RSI values above 50. This divergence could potentially lead to a pullback or even a trend reversal. However, any such pullback is likely to be moderate rather than a sharp decline due to the presence of strong buying pressure in the market.
Given the recent reversal of the downtrend, the likelihood of a bullish scenario remains relatively high. Consequently, investors can anticipate Shiba Inu's price to consolidate, providing an opportunity for cautious buyers to enter the market, which might trigger the continuation of the uptrend. It's plausible that the price could see an increase from $0.00000871 to $0.0000102, potentially resulting in an 11% profit for Shiba Inu traders.
Conversely, in the event of a significant correction that leads to a daily candlestick closing below $0.00000752, the bullish case would be invalidated. This would indicate the creation of lower lows and a breach of crucial support levels. In such a scenario, SHIB may experience a 4.5% decline, establishing the next support level at $0.00000709.
References: coinmarketcapcoin
Mitrade
fxstreet