Lokesh Gupta
07-05-2024
#Shiba Inu surged initially, reaching a peak of $0.00002632, but subsequently experienced a sharp decline.
On the 4-hour chart, Shiba Inu failed to break out of the falling channel and retreated.
Analysis reveals SHIB's inability to breach the 50% Fibonacci Level and the 50-day Moving Average, leading to a retreat.
Amidst a rebound in price, Shiba Inu wallets sold 211 billion SHIB, triggering bearish sentiments about its future trajectory.
Notably, the sell-wall coincided with the neckline of a double-bottom pattern.
Bullish momentum hinges on overcoming this double roadblock and flipping the market structure to bullish by reclaiming levels above $0.0000270.
According To Coingabbar's analysis, Conversely, a strong rejection at the double roadblock could prompt sellers to drive SHIB down to $0.0000200 once more.
KEY LEVELS :
RESISTANCE LEVEL : $0.00002650-$0.00003000
SUPPORT LEVEL : $0.000020000-$0.000017000
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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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