Shiba Inu's rally has made it an excessively bought asset on a daily timeframe, according to its relative strength index reading at almost 86 on Jan. 18 — sixteen points above the overbought threshold of 70.Ideally, an overbought RSI prompt investors to unload their positions, leading to a price correction. In other words, SHIB risks dropping toward its 200-day exponential moving average near $0.00001120.
It resolves after the price breaks above the upper trendline toward the level at a length equal to the wedge's maximum height. SHIB has entered the breakout stage of its falling wedge pattern, as shown below. It now sees an extended upside toward $0.00002063 by March 2023, up 35% from current price levels.Alternatively, a potentia bearish scenario scenario would see SHIB falling short of the wedge breakout target if price reverses from its interim resistance level at the 50-week EMA near $0.00001309.
Such a downturn would risk sending the Shiba Inu price toward the wedge's upper trendline near $0.00000800, or down 40% from current price levels. This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.
The name and inspiration merely open the door. The rest is up to itself and the utilities it bring.
But... why? Some L2s are pursuing ZK tech development. Others like Mantle network are pursuing GameFi development What is this 'Shibarium' pursuing exactly?...
You rong , we aren’t a meme , and will be a 1000% up bb $Shib Shibarmy Shibarium
That needs a 1000% boost to just gain lost peice
soon will be partnership with $toshi Toshi_Tools 🚀🚀🚀
ERTHA, the best and most promising metaverse!!!
I mean, the actual smart invest all know that and stay away from SHIB for a reason.. Marvin will be next mark my words
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