Floki Inu Soars to New Heights in the Cryptocurrency Market
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2022-05-12 | Selina Mathew
Shiba Inu is now ranked #15, having lost 25% of its value in the last week. The asset's chart losses are anticipated to continue in the days ahead, as the market structure was negative and sellers were in control. SHIB may bounce off of several important support levels, but they were fairly far south. Will the price fall that low, or will the bulls fight back?
2 Hour SHIB Chart
Based on a SHIB move up from $0.00002183 to $0.00003 in mid-April, a series of Fibonacci retracement and extension levels (yellow) were displayed.
The 61.8 percent and 78.6 percent retracement levels were predicted to hold as support because this upward rise looked to breach the market structure on the lower timeframes and turn it to positive at the time.
As April marched on, these levels were broken as support, and SHIB retraced 100 percent of the rise upward and continued to collapse. The 200 percent threshold provided some brief relief at the time of publication. The $0.0000094 and $0.0000054 levels, farther down the charts, are projected to provide support in the coming days.
Rationale
SHIB has dropped 40% from where it was trading at the time of publication to $0.0000094. On the two-hour chart, the RSI was unable to move over neutral 50, forming a bearish divergence in the process. The RSI hit a higher high as the price fell lower, indicating that the negative trend is still going strong.
The Stochastic RSI also produced a bearish crossing over 80 and plummeted in recent hours. The A/D was also in a downward trend, indicating strong market selling.
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