๐ Daily TA: Shiba Inu (SHIB/USD) | 03-12-2021
All Time HIVE and hodl, dear members of LeoFinance!
Today, I would like to comment on the price chart of Shiba Inu.
In the daily chart (1D), because of the ongoing correction in the crypto market, SHIB/USD continues to slide down below the 30-day Moving Average (MA 30): In my view, as long as the price remains below MA 30, this is a signal that the bears control the market in the short run. Nevertheless, the price of SHIB is still above the 90-day Moving Average (MA 90). Thus the bullish trend continues in the mid-term. So, let's wait and see if MA 90 will be able to provide enough support to SHIB to revert the decline.
Let's also have a look at the 4-hour chart, where the bearish pressure continues. First, SHIB/USD formed a Descending Triangle (common trend continuation pattern) after the solid price increase (uptrend). However, the price was not able to exit the triangle in the upward direction and resume the uptrend. Instead, a downtrend started: Interestingly, recently, the price rebounded and surpassed the trend line (the line of the downtrend). During the price rebound, SHIB/USD even tested one of the last local highs within the downtrend. However, the attempt to ever the trend turned out to be unsuccessful - the price has dropped and is now sliding down at the trend line. So, in other words, after an unsuccessful attempt to resume the uptrend, SHIB/USD remains under bearish pressure.
To be continued ...
As of the time of writing, one SHIB costs $0,00004121 on the Poloniex crypto exchange, according to TradingView.
A few words about me:
Just to let you know: I've been working professionally as a currency analyst for the last 15 years, and as a cryptocurrency analyst for the last 4 and a half years.
Important!
Keep in mind, that thoughts expressed here are my own, and they should not be regarded as recommendations for any cryptocurrency/commodity trades, investments and etc.
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