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SHIB Shiba Inu Possible Downward Target For POLONIEX:SHIBUSDT By CRYPTOPICKK

Hello friends, today you can review the technical analysis on the 1D linear scale chart for Shiba Inu ( SHIBUSDT ), a altcoin cryptocurrency.

#CryptoPickk noted in the chart:

1) The Shiba Inu price is currently in a Descending Channel Pattern (or Descending Wedge Pattern) since October 28, 2021.

2) The channel has been tightening over the period of a month and currently testing a major support area where the price met an all time high in early May 2021. This is outlined by the blue dash horizontal line.

3) Though a descending channel or descending wedge pattern is considered bullish , the price may still have room to drop as the entire cryptocurrency market is down with potential for more downside as Bitcoin has potential to go lower still.

4) In May 2021, when the price hit the All Time High, it corrected 83%. This time, the price may be supported by the 100 MA (orange line), which is also sitting around support areas from the prior consolidation (green dash line).

5) From the current All Time High price to the 100 MA, the price would correct about 70%. From the current price point to the 100 MA, the price still has potential to correct another 30% (green dash line).

6) The RSI ( relative strength index ) is not oversold yet and has been moving in a descending channel as well. I noted three other RSI similar trends with the oval shape showing the breakout of the trend.

7) The Stochastic RSI ( Stoch RSI ) is coming out of the oversold region but has potential to hover there for a bit longer similar to the prior periods shown in oval shapes.

8) The Volume has picked up recently but not enough to have a breakout or breakdown yet.

9) Since it is a descending channel or descending wedge , there is a higher probability to break to the upside but current market conditions may provide otherwise. Keep an eye on Bitcoin and Ethereum .

10) Lastly, this is Shiba Inu, so anything is possible. 🙂

What are your opinions on this?

If you enjoy my ideas, feel free to like it and drop in a comment. I love reading your comments below.

Disclosure: This is just my opinion and not any type of financial advice. I enjoy charting and discussing technical analysis . Don’t trade based on my advice. Do your own research! #cryptopickk

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