Shiba Inu (SHIB) Might Be Gearing up for a Significant Price Movement
- Barbara StreisandOriginal
- 2024-10-07 09:10:15908browse
SHIB rises above the Bollinger Bands' average. Despite a recent dip, bullish indicators suggest a potential upward trend if key levels hold.
Shiba Inu (SHIB) might be preparing for a significant price movement as it rises above the Bollinger Bands' average. Despite a recent dip, bullish indicators suggest a potential upward trend if key levels hold.
Shiba Inu (SHIB) Price Analysis March 20
A bullish close for the current week is being hinted at by the Bollinger Bands indicator for the popular meme-inspired cryptocurrency Shiba Inu (SHIB). Named after and developed by John Bollinger, this indicator showcases a complete range that is formed by two dynamic lines: the average of the asset's maximum and minimum prices, and the average itself.
Traders are able to gain more insight for their investment decisions if they are able to identify any instances of unusual compressions, contractions or price movement outside of either band.
Bollinger Bands Signal Potential For SHIB
Nothing major occurred on a macro scale, but we did get a subtle hint. Despite the Shiba Inu token being down 5.84% this week, it still managed to rise above the bands' average, a sign that buyers or bulls are bullish on the asset. If the weekly candle manages to stay fixed above this level, it bodes well for SHIB.
Key Levels Could Drive SHIB’s Next Big Move
If the price of Shiba Inu tokens manages to stay above $0.00001714 by Sunday’s close, SHIB tokens might reach $0.00002456 by then, marking a 26.5% increase from where the upper Bollinger Band is currently.
This scenario aligns with the theory that this week was a correction to the retracement that occurred the previous week, which saw SHIB rally 33.2%, as covered by U.Today.
Bearish Scenario Still A Possibility
Needless to say, these are mere theories and probabilities. If it is determined that the price of the meme token will continue to fall, then the lower limit of the range that is displayed on the indicator is currently at $0.0000098.
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