SHIB/USDC - (Target reached - new analysis coming soon) SHIB recovery in progress towards the upper part of the range

Market & Ticker: Shiba Inu – SHIB/USDT 

Date: 09/08/2023 
 

Horizon / Timing:  Tactical Mid-term / 1 to 3 months 
 
 

Scenario:  

SHIB recently confirmed a pre-signal from the technical elements calling for further bullish momentum gain. At the current price the potential of SHIB Token stands at 0,00001350 and 0,00001800 maximum. On the near to mid-term basis 0,00000760 is acting as robust support to add in dip in the 0.00000980/0.00000850 right above the moving averages to anticipate a larger rise in the coming weeks. 

Technical Key Elements: 

- Auto similar move potential shows target at 0,00001350 
- RSI indicator already confirmed the bullish momentum and keeps potential to the upside 
- The Moving average are support 
- Fibonacci key support is adjusted at 0,00000760 while the Elliot wave shows upside potential towards 0,00001350 and 0,00001800 

 
Trade Idea conclusion:  Buy - Conviction:

Medium

Target 2: 0,00001800 

Target 1: 0,00001350 

Buy: add in dip area 0.00000980/0.00000850 

Stop: 0,00000760 (Daily close) 

Chart: Daily Basis (Candle Stick) - Logarithmic  

Indicators: Exponential Moving Average (21/34/89) - RSI (21)