---- Mid-term Analysis for the next coming 4 weeks to 3 months - Daily on Daily Chart (LOG)-------
SHIB/USDT: Remain under bearish pressure below 0,00001875
Context The Global Crypto market leads by BTC and ETH is still evolving within a bearish market configuration. Like the others digital asset Shiba Inu (SHIB) is suffering about negative global market situation, and with a massive total supply of 1,000,000,000,000,000 (55% of the supply in circulation) it is hard to see a fondamental bullish pressure to be set from the supply management.
- Graphical Elements : Graphical Resistance = 0,00001875 & 0,00002840 Graphical Support = 0,00000510
- Mathematical Indicators: EMA ( Exp Moving averages) are capping the market at 0,00001875 = Bearish RSI indicator (below) is below 50% and bearish trend line - no divergence = Bearish
- Elliot & Harmonic Wave (Fibonacci): Fibonacci Target c B hasn't been already reached = 0,00000685 Fibonacci support of the wave c B (max extension) = 0,00000510 Fibonacci Bullish Target = 0,00002840 & 0,00005190
Conclusion
Prefered case => As long as 0,00001875 remains a key resistance the SHIB is expected to reach lower target at 0,00000685 before any bullish reversal tentative
Alternative case => In case of 0,00001875 resistance breakout, the bearish trend will be invalidated opening the door to 0,00002840 & 0,00005190
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