Cryptonian
02/14 17:39
$1 SHIB Incoming?
Markets are on edge as Shiba Inu (SHIB) begins a make-or-break test of steadfast 200-day MA. Could the launch of Shibarium save SHIB's fledging rally?
Yesterday's analysis focused on the critical collision course between price levels and the rising 200-day MA. This follows a retracement pattern predicted last week following rejection at $0.00001500.
I can confirm the vital test of the 200-day MA is currently taking place. A bounce here could see Shibarium drive SHIB to new heights. With bull confidence boosted by the highly anticipated burn mechanism.
This is now the ninth day of localized retracement, with prices currently trading astride the 200-day MA at $0.00001220.
That marks a daily change of -2.17% as bulls continue to fight for support around $0.00001250.Attempted consolidation at this level over the weekend has found legs from the rising 200-day MA - highlighting the importance of this test.
Price levels are still sat above more obvious local support at $0.00001150 - $0.00001200.
Our current upside potential is a conservative $0.00001500 (+22.25%). Upside potential seems poised to go beyond this level if prices do bounce. This is because of reduced sell-pressure on exchanges and the Shibarium news.
The downside risk of breakdown here is limited, with likely drops to previous support at $0.00001150 (-6.28%).SHIB's current Risk: Reward ratio is 3.55 - a very attractive entry - characterized by limited downside risk.
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