Lokesh Gupta
04-05-2024
#Shiba Inu saw a surge in price on Friday, May 3, credited to its integration with Paypal, marking a significant milestone in the market.
Reversing from a crucial support level of $0.00002057, $SHIB displayed resilience around the psychological barrier of $0.000020.
The daily chart of $SHIB shows the formation of a morning star pattern, hinting at a potential bullish reversal and readiness to breach the overhead resistance trendline.
Bullish divergence is noticeable in the daily RSI line, strengthening the observed double-bottom reversal pattern.
After finding support and reversing from the 100-day EMA, SHIB is now favorably positioned to surpass the 50-day EMA.
As per trend-based Fibonacci levels, the meme coin may target the 50% Fib level at $0.00003200.
According To Coingabbar analysis, In the event of a bearish trend, SHIB may gravitate towards its support level of $0.0000200.
KEY LEVELS :
RESISTANCE LEVEL : $0.00003000-$0.00004500
SUPPORT LEVEL : $0.000018000-$0.000012000
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Lokesh Gupta is a seasoned financial expert with 23 years of experience in Forex, Comex, NSE, MCX, NCDEX, and cryptocurrency markets. Investors have trusted his technical analysis skills so they may negotiate market swings and make wise investment selections. Lokesh merges his deep understanding of the market with his enthusiasm for teaching in his role as Content & Research Lead, producing informative pieces that give investors a leg up. In both conventional and cryptocurrency markets, he is a reliable adviser because of his strategic direction and ability to examine intricate market movements. Dedicated to study, market analysis, and investor education, Lokesh keeps abreast of the always-changing financial scene. His accurate and well-researched observations provide traders and investors with the tools they need to thrive in ever-changing market conditions.
Lokesh Gupta is a seasoned financial expert with 23 years of experience in Forex, Comex, NSE, MCX, NCDEX, and cryptocurrency markets. Investors have trusted his technical analysis skills so they may negotiate market swings and make wise investment selections. Lokesh merges his deep understanding of the market with his enthusiasm for teaching in his role as Content & Research Lead, producing informative pieces that give investors a leg up. In both conventional and cryptocurrency markets, he is a reliable adviser because of his strategic direction and ability to examine intricate market movements. Dedicated to study, market analysis, and investor education, Lokesh keeps abreast of the always-changing financial scene. His accurate and well-researched observations provide traders and investors with the tools they need to thrive in ever-changing market conditions.
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