Hi dear friends, hope you are well, and welcome to the new update on SHIBA INU (SHIB) token.
Broke out long-term channel but still a resistance ahead:
On a daily time frame, SHIB has broken out a long-term down channel. But there is still a price resistance of $0.000033.
When Shiba stated the previous rally from Sep to Oct 2021, then it was strongly rejected by this resistance. And after breaking out it has been working as strong support and now again turned into the resistance.
https://www.tradingview.com/chart/SHIBUSDT/sr3ZRUj2-SHIBA-INU-SHIB-broke-out-long-channel-for-big-pump/
What can be the buying strategy?
Even though the priceline has broken out a channel but there is a still possibility of rejection, therefore, we can wait for the daily closing above this resistance then buy.
Sell targets can be as below:
1st target: $0.000050
2nd target: $0.000080
Stop loss: There is key support at $0.000020 and above this key support we have $0.000025. After breaking out the $0.000033 we can use $0.000025 as stop loss.
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