As a seasoned researcher with over two decades of experience navigating the intricate waters of financial markets, I must admit that the current state of Shiba Inu (SHIB) has been nothing short of turbulent. Over the past few days, we’ve witnessed a cascade of liquidations and a persistent failure to rebound to its key support level, leaving investors and market participants alike pondering where the bottom might lie.
Over the past few days, Shiba Inu (SHIB) has experienced particularly difficult times. Following numerous large-scale liquidations of long positions, the price of the well-known meme-inspired cryptocurrency could not recover to its crucial support level approximately $0.0000283 per SHIB. After initially dipping below this level in a daily candle and later in a weekly one, it has continued to decline during today’s trading session.
As a researcher delving into the world of cryptocurrencies, I find myself often pondering the question posed by many Shiba Inu token enthusiasts: At what point might the SHIB price stabilize, bringing an end to the current market turbulence?
To this point, it’s challenging for many to precisely foretell outcomes in the cryptocurrency market, a realm known for its instability and unpredictability. Instead, it might be more fitting to describe these predictions as leaning towards “ruin,” although some tools may offer at least a rough estimation or guide.
One type of indicator is the Bollinger Bands, which was created by John Bollinger, a seasoned trader from conventional finance markets, quite some time ago. It’s broadly utilized for forecasting the prices of financial assets. This tool works by calculating a moving average and then setting two bands, one below and one above it, each being two standard deviations away.
Currently, the price of Shiba Inu token is hovering beneath its moving average, indicating a trend towards the lower band. On the daily chart, this lower band stands at approximately $0.00002438 per SHIB, representing nearly a 10% drop from the current rate.
As a researcher, I’m observing that while fluctuations within this range are plausible, it seems reasonable to anticipate that the price floor for the Shiba Inu token might be reached in this zone. Consequently, decisions concerning investment in this meme cryptocurrency could become more deliberate.
If the price of the Shiba Inu token drops to the lower boundary of its Bollinger Band but subsequently rises above its moving average (by increasing at least 6.6% from its current level), this predicted scenario of a fall would be negated or reversed.
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2024-12-16 19:21