SHIB going sideways for months now between 2106 and 2725.

SHIB corrected 8.27% after the latest Supertrend Ninja – Clean signal on the 19th Jan (red vertical line on the background). But in general SHIB has been in a correcting downwards trend for 6 months now. Since the bullish (green vertical line) of the Supertrend Ninja – Clean on 1 Oct 2021. Which made a whopping +932%. In less than 8 months the Supertrend Ninja gave 4 bearish signals, whereafter a correction followed.

Let’s have a look at the other indicators. The Stoch RSI is in oversold levels, but it hasn’t crossed up to the blue area yet. Also the price is below the Ichimoku cloud , which is bearish . The Constance Brown is in oversold area as well. The RSI is range bound (40-60).

Bouncing up here 2725 USDT is the next target. Dropping here 2106 USDT is the next target. 1694 USDT thereafter. The Supertrend Ninja – Clean hasn’t given a bullish signal for the time being (green vertical line on the background). If SHIB does bounce up here, it would be making a higher low. Supports and Resistances are highlighted as grey blocks.

Thank you for reading.
Namasté 🙏

Disclaimer: Ideas are for entertainment purposes only. Not financial advice. Your own due diligence is highly advised before entering trades. Past performance is no guarantee of future returns.

What Indicators Do I Use:
In the chart I am using the “Supertrend Ninja – Clean”, which is a trend-following indicator (Green and red vertical lines on the background). When the background of the candlestick closes green (vertical line). It indicates a possible bullish (up)trend. And red for downtrends.