Disclaimer: The opinions expressed by our writers are their own and do not represent the views of U.Today. The financial and market information provided on U.Today is intended for informational purposes only. U.Today is not liable for any financial losses incurred while trading cryptocurrencies. Conduct your own research by contacting financial experts before making any investment decisions. We believe that all content is accurate as of the date of publication, but certain offers mentioned may no longer be available.
Popular meme-inspired cryptocurrency Shiba Inu (SHIB) may be on the verge of a major price breakout in the near future. At least the Bollinger Bands signal such an opportunity. Thus, after days of accumulation, the SHIB price crawled to a major resistance level at $0.000017 but failed to overtake it. So far.
Interestingly, it is the same place where a 20-day median stretches, which also serves as a median in the Bollinger Bands setup. If the price of the Shiba Inu coin manages to overtake this level, then the ascent to the upper band is possible, and it is currently lying at $0.00002 - 17.77% higher than the recent price level for SHIB.
Gamza KhanzadaevNow, a little more context for those not so familiar with Bollinger Bands. They are a technical indicator that is all about measuring volatility. You have your middle line, which is a simple moving average (typically 20 days), and then the two outer bands that adjust based on how much the price is moving.
When the price hits or exceeds the upper band, it is usually seen as an overbought signal.
There is, however, another side of the coin, which is a dip to the lower band should bulls fail to deliver the price higher. The lower band is currently at $0.000014, 15.27% lower than currently. The lower band marks oversold territory.
Godfrey BenjaminWith SHIB’s recent price action tightening between the bands, the setup is looking ripe for a breakout — whether it is up or down, the volatility is coming.
So, it is really about these two price points, with SHIB dwindling in the middle of the range. Either way, a big move is imminent.
Tomiwabold Olajide
Arman Shirinyan
Dan Burgin
Vladislav Sopov