Hi dear friends, hope you are well, and welcome to the new update on SHIBA INU (SHIB) token.
Broke out long-term channel but still a resistance ahead:
On a daily time frame, SHIB has broken out a long-term down channel. But there is still a price resistance of $0.000033.
When Shiba stated the previous rally from Sep to Oct 2021, then it was strongly rejected by this resistance. And after breaking out it has been working as strong support and now again turned into the resistance.
What can be the buying strategy?
Even though the priceline has broken out a channel but there is a still possibility of rejection, therefore, we can wait for the daily closing above this resistance then buy.
Sell targets can be as below:
1st target: $0.000050
2nd target: $0.000080
Stop loss: There is key support at $0.000020 and above this key support we have $0.000025. After breaking out the $0.000033 we can use $0.000025 as stop loss.
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You can also support my work at Patreon for more ideas:
https://www.patreon.com/moon333
In order to play and watch the current performance of the chart you need at least a free account on tradingview:
https://www.tradingview.com/gopro/?share_your_love=moon333
KuCoin is one of the best exchange to find crypto gems:
https://www.kucoin.com/ucenter/signup?rcode=rJSDVT3
Link for Binance exchange, to trade crypto:
https://www.binance.com/?ref=11256882
Note: Above idea is for educational purpose only. It is advised to diversify and strictly follow the stop loss, and don't get stuck with trade.
