SHIBA INU is one of the highly controversial cryptocurrencies in the digital sphere. Yet accused of not having a “background”, it easily remains at the TOP-15 of the largest capitalizations. If immersed in digital assets, you will surely have heard of these famous bullish impulses.
Is there a next one in sight? That is what we will be looking at.
Analysis against BTC
Thus, by analyzing the evolution of the strength of SHIB against the king of crypto, we notice that it is scarce that we overflow our supports/guiding resistances. Indeed, the dog-headed token reacts well at horizontal levels, making them relevant indicators. Each key on the bottom of the range leads to an explosion (more or less brief) and, therefore, to a massive market outperformance. By correlating this indicator to the price against the Dollar, we notice that each over/underperformance has impacted the price. Recently we put a Bottom at the bottom of the range, which was directly felt on the price, which began to recover, then exploded after that.
So we have a token that has strength in a period that promises to be corrective for the entire Crypto market, which could lead to surprises.
This lateralization against BTC materialized well by a large-scale lateral phase (+150% on rebounds), which was more than necessary given the previous bullish wave. The asset knew how to draw a Bottom on the $ 0….0143, corresponding to a retracement of almost 100%.
It allowed him to adopt a so-called turnaround structure, creating successive Double Bottoms. Those who follow my weekly analyzes know that I am enthusiastic and attentive to this type of configuration because they can lead to basic movements. We have not confirmed a clear bullish return; even if a low higher than the previous one has been found, we still have decreasing highs. We have risen above the previous TOP for the first time in a year, reinforcing this structure change. Of course, we are looking for confirmed fences in large units of time, which will send us a more relevant signal.
So you should know that the Bull line is, in my opinion, at 0… 0171$. The break of this level will take us directly to the first short reloading zone (that of the last bearish leg). If we manage to cross this zone, the SHIB could start a so-called more aggressive retracement phase with pretentious objectives like $0….0576.
To conclude, I will say that SHIB is in a rather interesting structure for the medium term. The crypto market is possibly correcting the last bullish movement, and SHIB enjoys excellent resistance. So as long as our SHIB/BTC indicator is in the green, we could have a bullish chase. This analysis is not investment advice, and I encourage you to DYOR on your side.