Shiba Inu has seen a sensational weekend following a protracted battle to breakout.
A huge 11% candle-wick saw SHIB price hammer up. Re-igniting what many had began to fear was a stalling rally.
2023 has now seen Shiba Inu climb 97% in just one month, with the 200 Day MA as steadfast iron support.
The veracity for volatility showcased by the seismic Bollinger band movements. This breakout has produced the widest signature since November – this isn’t an ordinary move.
With an intra-day high of $0.00001576, price is currently trading at $0.00001442. This follows a minor rejection from the first key area of resistance at $0.000015.
But how far can SHIB rally go?
Last week, when I predicted this move – I identified a likely rally ‘top zone’ – where chart structure may see fatigue.
On October 29 2022 (our most recent historic rally) SHIB saw a top at $0.000015. Before that, on August 14 2022 SHIB posted an impressive rally to $0.000018.
$0.000015-$0.000018 is thus the probable rally top.
This is critically dependent on macro influence from Bitcoin (BTC) – a course for concern for some.
The leading cryptocurrency has seen stalled momentum give way to a slow bleed-out. Shiba Inu price action tends to follow major movements from BTC.
What do Shiba Inu indicators say?
A glance at our indicators paints an even gloomier picture – much to the delight of bears.
The RSI 14 overheated significantly on this breakout from $0.000012. Hitting a top signal of 83 – this could be a sign to worry for SHIB holders.
83 is a very high RSI signature, that signals SHIB has become very overbought. The last time Shiba Inu hit 83 on the RSI was October 29 – the top of our last local rally at $0.000015 – the same level as now.
So the RSI 14 at the current level of 60 is bearish.
Bulls will be unhappy to see that the MACD has now flipped to bearish divergence too. After forewarning this rally with bullish divergence into last Friday.
Is now a good SHIB entry?
It can be expected that SHIB will continue to test a further continuation into our top zone. This is likely to be in the shape of another hammering wick.
Rejection of $0.000015 will demand a Fibonacci retracement. This would probably come down to test support off the 200 Day MA at around $0.0000125.
The risk: reward proposition offered by SHIB has decreased in attractiveness since last week.
Upside potential suggests a hard top at $0.000018 – a potential +25% gain. Downside risk suggests a support level tracking the 200 Day MA – a potential loss of -20%.
This leaves the ratio at 1.24 (certainly less attractive than the 2.17 last week).
But what other projects are exploding this week? Could there be better returns elsewhere?
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