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SHIB analysis – the price is in the accumulation zone. Is it time to buy?

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SHIB continues in a growing trend, although it respects the behavior of the whole market and is in decline in the short term. The denial of growth occurred on resistance of the previous maximum similar to most high-cap coins. So let’s look at the potential targets and supports.

The price respected resistance on the surface double top $ 0.00003950. The current corrective short – term leg should reach a higher minimum than the previous one, which is located at level $ 0.00002850. This would form a potential long-term 123 bottom formation pattern. Growth is likely to continue, but we still have to wait.

SHIB / USD 4HSHIB / USD 4H. Source: TradingView

SHIB in the accumulation zone

The last reflection minimum occurred exactly on key support zone, which should be maintained in the event of a further decline. For this reason, we can predict that the price is in accumulation zone. It is still questionable when it will come out of it, but the current buying area can be a decent stepping stone to the future growing trend.

SHIB is likely to correlate with the market, as has been the case since recent moves. Therefore, it is necessary to monitor as well BTC chartwhich is also in the same phase. In the long run, the price of the token SHIB holds support and terminated the previous correction leg. At present, therefore, the price continues in the accumulation zone.

All content in this article is for informational purposes only and in no way serves as investment advice. Investing in cryptocurrencies, commodities and stocks is very risky and can lead to capital losses.

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