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The Price of Popular Meme-Inspired Cryptocurrency Shiba Inu (SHIB) could be on the verge of a stunning price move in the coming weeks. Notably, as indicated by the Bollinger Bands on the weekly price chart of SHIB, the price of the asset found support at a mid-level, despite a massive sell-off yesterday.
Bollinger bands, a widely used technical analysis tool, consist of three lines: an upper band, a middle band based on a 20-day moving average, and a lower band set at two standard deviations from that average. This tool, developed by John Bollinger, is popular for its ability to track price trends and help interpret potential future movements.
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The problem is that even if the Shiba Inu Token remains above this point, a bullish bias prevails. In the context of Bollinger Bands, this may mean a test of seller reaction on the upper curve, which currently extends to $0.00003191, a 50% rise from the current level.
However, if the Shiba Inu token price loses this support, a decline to $0.00001075 becomes the main scenario, and this risks the same 50% move for SHIB, but in this case downward.
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So, when it comes to the future of the Shiba Inu token, there are actually two equal possibilities, with either going up by 50% or going down by the same margin.
Considering that the period from January to March is considered the most prosperous for the cryptocurrency market, based on price history, and that SHIB remains above the crucial price level, it is safe to say that the first scenario is currently more likely.