SHIBA INU (SHIB) Is About To Test The Lowest Support Ever

SHIBA INU (SHIB) Is About To Test The Lowest Support Ever

By moon333 | moon333 | 23 Jul 2021


 

Down channel:
Since June 2021 the price action of Shiba Inu is moving in a down channel. During the recent drop, the priceline is moving down to test the support of this down channel once again. Previously the priceline has tested the support several times.

xM0iJiSX

Support and resistance:
On the daily time frame there can be two major support and resistance level seen. The support is at: $0.00000550 and the resistance is at:$ 0.00000930. Right now the price action is testing the support and if candlesticks will be bounced from this horizontal support then it is possible that it will not test the support of the channel.

lSNBhg4c

Oscillators:
If we take a look at the different oscillators on the daily time frame, then it can be clearly noticed that the relative strength index ( RSI ) has entered the oversold zone and the stochastic is already oversold. Now you take a look at the moving average convergence divergence ( MACD ) then it is strong bearish. Once the MACD will be turned bullish then the oscillators can start moving towards the upside and the price action can start a big rally from here and can make another attempt to break out the resistance of the channel.

xHHAkNgA

Harmonic bullish BAT:
The price action has also formed a bullish reversal harmonic BAT move on the daily time frame:

drvyZOic_big.png

https://www.tradingview.com/chart/SHIBUSDT/drvyZOic-SHIBA-INU-SHIB-forming-bullish-BAT-for-upto-46-move/ 

Conclusion:
The price action has reached support and at the same time, all oscillators are entered the oversold zone and the price action has also formed a bullish harmonic reversal move. Therefore, from here we can expect that the priceline of Shib token will start a big move to break out the resistance of the channel.

 

Don't forget to upvote/tip and share the post, thanks

 

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.

 

 

How do you rate this article?


5

1

moon333
moon333

Hi, My name is Atif Akbar and I am a trader and trading charts author


moon333
moon333

Hi my name is Atif Akbar and i am trading charts author of different assets like crypto, forex, commodities, CFDs Stocks e.t.c.

Send a $0.01 microtip in crypto to the author, and earn yourself as you read!

20% to author / 80% to me.
We pay the tips from our rewards pool.