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Bulls Negate SHIB’s Bear Hold, Will They Break Resistance 1?

SHIB started its ascent lethargically but recovered well towards the latter part of the week.The token made frequent higher-lows than higher-high as the bears resisted the...
Bulls Negate SHIB’s Bear Hold, Will They Break Resistance 1? Bulls Negate SHIB’s Bear Hold, Will They Break Resistance 1?
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  • SHIB started its ascent lethargically but recovered well towards the latter part of the week.
  • The token made frequent higher-lows than higher-high as the bears resisted the bulls.
  • The market has corrected the prices after SHIB touched the upper BB band.

Shiba Inu (SHIB) started ascending through the price levels quite lethargically during the beginning of the week but recovered towards the latter part of the week. As shown in the chart below, Shiba Inu was constrained to fluctuating below the $0.0000095 limit for the first three and a half days of the week during which it explored the red zone rarely.

Although on two occasions SHIB found the momentum to break the $0.0000095 limit, it was still unable to retain the gained position. Towards the second half of the third day, the bulls took over the market and skyrocketed SHIB from $0.0000095 to $0.00001106 within 24 hours. This was the highest that SHIB reached for the week.

However, after Shiba Inu hit the highest price, the bulls lost control making way for the bears to interject. When the bears took over, SHIB tanked to $0.00001006 from its highest price within hours. The bears kept their stranglehold until the beginning of day seven from halfway through the fifth day.

Hence for almost one and a half days, SHIB’s movements were constricted between $0.0000100 and $0.0000105. Nonetheless, the token saw light at the end of the tunnel as it was able to break this limited range of motion.

SHIB/USDT 7-day Trading Chart (Source: CoinMarketCap)

When the chart below is considered, SHIB made higher-lows (Green triangles) more frequently than it made higher-highs (Red elliptical). This is due to the bears not letting the bulls off the hook.

As the hammer can be spotted, traders could have enjoyed a profit had they entered the market at the entry point ($0.00001011) and shorted their position at the “take profit” point ($0.00001067).

SHIB/USDT 4h Trading Chart (Source: TradingView )

Earlier when SHIB was on a roll, the RS Indicator and SHIB made higher-highs simultaneously which indicates a bullish overview. But currently, SHIB is moving sideways and the RSI is at 59.94. This indicates that the sideways movement trend is well-set.

Although the market corrected the prices after SHIB touched the upper Bollinger band, there is still a possibility that the bulls could dominate and take SHIB to Resistance 1.

If the bears manage to nullify the bull’s throttle, then SHIB may move sideways. But if the bears gain the upper hand, Shiba Inu could tank to Support 1.

Disclaimer: The views and opinions, as well as all the information shared in this price analysis, are published in good faith. Readers must do their own research and due diligence. Any action taken by the reader is strictly at their own risk, Coin Edition and its affiliates will not be held liable for any direct or indirect damage or loss.

The post Bulls Negate SHIB’s Bear Hold, Will They Break Resistance 1? appeared first on Coin Edition.

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02-12-2023 06:29:55 (UTC+7)

EUR/USD

1.0883

-0.0003 (-0.03%)

Summary

↑ Buy

Moving Avg:

Buy (9)

Sell (3)

Indicators:

Buy (6)

Sell (1)

EUR/USD

1.0883

-0.0003 (-0.03%)

Summary

↑ Buy

Moving Avg:

Buy (9)

Sell (3)

Indicators:

Buy (6)

Sell (1)

GBP/USD

1.2711

+0.0089 (+0.71%)

Summary

↑ Buy

Moving Avg:

Buy (10)

Sell (2)

Indicators:

Buy (7)

Sell (1)

USD/JPY

146.80

-1.38 (-0.93%)

Summary

Sell

Moving Avg:

Buy (3)

Sell (9)

Indicators:

Buy (2)

Sell (5)

AUD/USD

0.6673

+0.0068 (+1.03%)

Summary

↑ Buy

Moving Avg:

Buy (12)

Sell (0)

Indicators:

Buy (7)

Sell (0)

USD/CAD

1.3497

-0.0065 (-0.48%)

Summary

Sell

Moving Avg:

Buy (4)

Sell (8)

Indicators:

Buy (2)

Sell (5)

EUR/JPY

159.76

-1.60 (-0.99%)

Summary

↑ Sell

Moving Avg:

Buy (0)

Sell (12)

Indicators:

Buy (2)

Sell (4)

EUR/CHF

0.9458

-0.0071 (-0.75%)

Summary

↑ Sell

Moving Avg:

Buy (5)

Sell (7)

Indicators:

Buy (2)

Sell (6)

Gold Futures

2,073.20

+35.10 (+1.72%)

Summary

↑ Buy

Moving Avg:

Buy (12)

Sell (0)

Indicators:

Buy (7)

Sell (0)

Silver Futures

25.490

+0.197 (+0.78%)

Summary

Sell

Moving Avg:

Buy (1)

Sell (11)

Indicators:

Buy (0)

Sell (0)

Copper Futures

3.9195

+0.0690 (+1.79%)

Summary

↑ Buy

Moving Avg:

Buy (12)

Sell (0)

Indicators:

Buy (7)

Sell (0)

Crude Oil WTI Futures

74.38

-1.58 (-2.08%)

Summary

↑ Buy

Moving Avg:

Buy (10)

Sell (2)

Indicators:

Buy (5)

Sell (2)

Brent Oil Futures

79.56

-1.30 (-1.61%)

Summary

Neutral

Moving Avg:

Buy (10)

Sell (2)

Indicators:

Buy (3)

Sell (5)

Natural Gas Futures

2.777

-0.025 (-0.89%)

Summary

↑ Buy

Moving Avg:

Buy (9)

Sell (3)

Indicators:

Buy (6)

Sell (1)

US Coffee C Futures

183.70

-1.00 (-0.54%)

Summary

↑ Sell

Moving Avg:

Buy (0)

Sell (12)

Indicators:

Buy (2)

Sell (5)

Euro Stoxx 50

4,417.25

+34.78 (+0.79%)

Summary

↑ Buy

Moving Avg:

Buy (12)

Sell (0)

Indicators:

Buy (8)

Sell (1)

S&P 500

4,594.63

+26.83 (+0.59%)

Summary

↑ Buy

Moving Avg:

Buy (12)

Sell (0)

Indicators:

Buy (10)

Sell (0)

DAX

16,397.52

+182.09 (+1.12%)

Summary

↑ Buy

Moving Avg:

Buy (12)

Sell (0)

Indicators:

Buy (7)

Sell (0)

FTSE 100

7,529.35

+75.60 (+1.01%)

Summary

↑ Sell

Moving Avg:

Buy (3)

Sell (9)

Indicators:

Buy (0)

Sell (10)

Hang Seng

16,847.00

-181.50 (-1.07%)

Summary

Sell

Moving Avg:

Buy (5)

Sell (7)

Indicators:

Buy (2)

Sell (3)

US Small Cap 2000

1,861.45

+52.43 (+2.90%)

Summary

↑ Buy

Moving Avg:

Buy (8)

Sell (4)

Indicators:

Buy (6)

Sell (1)

IBEX 35

10,140.80

+82.60 (+0.82%)

Summary

↑ Buy

Moving Avg:

Buy (12)

Sell (0)

Indicators:

Buy (7)

Sell (0)

BASF SE NA O.N.

43.240

+0.555 (+1.30%)

Summary

↑ Buy

Moving Avg:

Buy (8)

Sell (4)

Indicators:

Buy (6)

Sell (0)

Bayer AG NA

31.11

-0.25 (-0.80%)

Summary

↑ Buy

Moving Avg:

Buy (12)

Sell (0)

Indicators:

Buy (7)

Sell (1)

Allianz SE VNA O.N.

235.25

+4.65 (+2.02%)

Summary

↑ Buy

Moving Avg:

Buy (11)

Sell (1)

Indicators:

Buy (10)

Sell (0)

Adidas AG

194.24

+2.10 (+1.09%)

Summary

Neutral

Moving Avg:

Buy (6)

Sell (6)

Indicators:

Buy (2)

Sell (5)

Deutsche Lufthansa AG

8.222

+0.242 (+3.03%)

Summary

Sell

Moving Avg:

Buy (5)

Sell (7)

Indicators:

Buy (3)

Sell (5)

Siemens AG Class N

156.00

+2.00 (+1.30%)

Summary

↑ Buy

Moving Avg:

Buy (12)

Sell (0)

Indicators:

Buy (9)

Sell (1)

Deutsche Bank AG

11.520

+0.094 (+0.82%)

Summary

↑ Buy

Moving Avg:

Buy (10)

Sell (2)

Indicators:

Buy (10)

Sell (0)

    EUR/USD 1.0883 ↑ Buy  
    GBP/USD 1.2711 ↑ Buy  
    USD/JPY 146.80 Sell  
    AUD/USD 0.6673 ↑ Buy  
    USD/CAD 1.3497 Sell  
    EUR/JPY 159.76 ↑ Sell  
    EUR/CHF 0.9458 ↑ Sell  
    Gold 2,073.20 ↑ Buy  
    Silver 25.490 Sell  
    Copper 3.9195 ↑ Buy  
    Crude Oil WTI 74.38 ↑ Buy  
    Brent Oil 79.56 Neutral  
    Natural Gas 2.777 ↑ Buy  
    US Coffee C 183.70 ↑ Sell  
    Euro Stoxx 50 4,417.25 ↑ Buy  
    S&P 500 4,594.63 ↑ Buy  
    DAX 16,397.52 ↑ Buy  
    FTSE 100 7,529.35 ↑ Sell  
    Hang Seng 16,847.00 Sell  
    Small Cap 2000 1,861.45 ↑ Buy  
    IBEX 35 10,140.80 ↑ Buy  
    BASF 43.240 ↑ Buy  
    Bayer 31.11 ↑ Buy  
    Allianz 235.25 ↑ Buy  
    Adidas 194.24 Neutral  
    Lufthansa 8.222 Sell  
    Siemens AG 156.00 ↑ Buy  
    Deutsche Bank AG 11.520 ↑ Buy  
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