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Shiba Inu (SHIB) Eyes Major 50% Move as Bollinger Bands Signal
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The price of popular meme-inspired cryptocurrency Shiba Inu (SHIB) may be on the verge of stunning price action in the coming weeks. In particular, as the Bollinger Bands indicate on the weekly price chart of SHIB, the price of the asset found support at a median level, despite a painful sell-off yesterday.
Bollinger Bands, a widely used technical analysis tool, consists of three lines: an upper band, a middle band based on a 20-day moving average and a lower band set two standard deviations away from this average. This tool, developed by John Bollinger, is valued for its ability to track price trends and assist in interpreting potential future movements.
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The issue is that while the Shiba Inu token maintains above this point, a bullish bias prevails. In the context of the Bollinger Bands, it may mean a test of seller reaction at the upper curve, which currently stretches at $0.00003191, which is up 50% from the current level.
If the price of the Shiba Inu token loses this support, though, a drop down to $0.00001075 becomes the main scenario, and this risk the same 50% move for SHIB, but in this case downward.
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Thus, in terms of the future of the Shiba Inu token, there are really two equal possibilities, with either a rise worth 50% or a dump by the same margin.
Considering the fact that the period from January to March is considered the most prosperous for the cryptocurrency market, as drawn from price history, and the fact that SHIB holds strong above the crucial price point, it is safe to say the former scenario right now is more probable.
Shiba Inu (SHIB) Eyes Major 50% Move as Bollinger Bands Signal
Shiba Inu (SHIB), the popular meme-based cryptocurrency, is showing signs of a potential major move as its Bollinger Bands signal a possible 50% increase in price.
The Bollinger Bands, a technical analysis tool that measures volatility and potential price movement, have been tightening around SHIB’s price chart, indicating a period of consolidation and potential breakout.
With the bands squeezing closer together, traders are anticipating a significant move in either direction. However, with SHIB currently trading at a crucial support level, many analysts believe that the cryptocurrency is primed for a major uptrend.
If SHIB breaks out of its current consolidation phase and surpasses key resistance levels, a 50% move to the upside could be on the horizon. This would mean a substantial increase in SHIB’s price and potentially lead to renewed interest from investors.
As always, it is important to exercise caution and conduct thorough research before making any investment decisions. Keep an eye on SHIB’s price action and volume to gauge the likelihood of a major move in the near future.
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Shiba Inu, SHIB, cryptocurrency, Bollinger Bands, technical analysis, price prediction, trading signals, market analysis, crypto news, cryptocurrency update, SHIB price movement
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