Hello and welcome to episode 22 of TA (Technical Analysis) Today we are diving into The Shiba Inu Token!
For the last 2 months, the Shiba Inu token is witnessing a continuous decline which people are calling a Market Crash, Blood Bath, etc. But do you remember that since August last year, this token was in a continuous uptrend in which it registered a move of more than 200% from low to high?
And then after making a high at the beginning of December, it started declining which is still less than 50% from that high. : )
Well, technically it is said that a correction of 15 to 30% is considered healthy in crypto but from my point of view, I think it varies for each cryptocurrency. I am sure you must have seen the notification with some cryptocurrencies which clearly states that the volatility in this token is very high. Cryptocurrencies generally have high volatility so you cannot judge every crypto in the same way.
Compared to the up-move of more than 200%, this is only a down-move of 25%. Now it is up to you whether you panic after seeing it or see it as an opportunity.
According to me, this token is currently trading near an important support, where some buying can be done while calmly accepting that you also might be wrong and in that case, if you have bought for trading then it would be best to proceed as per your trade setup, that is, exit where you have planned the SL without any second thought and if you have bought for investing then be patient without panicking and wait for the next support to build.
I don't usually like memecoins. But This coin was doing very well at one time and I hope it will do comparatively well in the future. I benefited from reading your post. Thank you very much.
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I also have little interest in meme coins due to being completely based on social media influence and not having any intrinsic value, but some meme coins have a huge fan base, due to which I do not mind investing in them for short to medium term. : )
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Upvoted! Thank you for supporting witness @jswit.
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