Introduction
Shiba Inu (SHIB) is a popular meme cryptocurrency that has seen significant price swings in recent months. In a recent video JB from Cheeky Crypto analyzes Shiba Inu’s price action and identifies potential trading opportunities.
Technical Analysis
Using Elliott wave theory, JB can identify a complex structure on the 1-hour chart. This suggests that further downward movement is expected. However, a short-term bounce is possible in the near term.
Trading Opportunities
Traders can look for short-term trading opportunities on the short time frames. For example, they could look to short Shiba Inu at resistance levels or go long at support levels.
Discord Trading Community
The Cheeky Crypto Discord trading community is a great place to discuss Shiba Inu price action and identify potential trading opportunities.
Evaluation of Price Movements in October
JB will continue to evaluate Shiba Inu’s price movements in October and provide updates on his analysis.
Shiba Inu’s Speculative Price Predictions
Some analysts are predicting a further decline in Shiba Inu’s price, while others are predicting a rebound in the near term. It is important to note that all price predictions are speculative and should not be taken as financial advice.
Comparison with Bone Token
Bone Token is another popular meme cryptocurrency that is often compared to Shiba Inu. Bone Token has a more complex utility than Shiba Inu, and it is also more scarce. This suggests that Bone Token may have more upside potential than Shiba Inu in the long term.
Risk Warning and Financial Advice Disclaimer
Trading cryptocurrencies is risky and can lead to significant financial losses. It is important to do your own research and only invest what you can afford to lose.
