SHIB is back to value zone, may continue uptrend after retest 3.
SHIBUSDTSHIB is back to value zone, may continue uptrend after retest 3.5e-5 level
1. Like most air coin, so many traders are trapped on day 1, we mark its close price 3.466e-5 as A. After five months, we saw a consecutive five days sell climax. On Oct 7, high price reached 3.528e-5, which means most of "day 1" trader can exit breakeven, we mark its high price 3.528e-5 as B. AB can be seen as a key level of SHIB.
2. Checked volume profile, we can see two obvious peaks in the histogram, P1 and P2. They are called value zone, or position cost of traders. Assume most P1 traders take profit at around B; Then P2 will be position cost of most traders now, before breaking down P2, they are all profitable.
3. From Oct 28, there's a deep pull back recently. Based on the bearish bar of Nov 3, we can have a measure move target at around 3.7e-5.
4. As a conclusion, price is highly possible to retest level 3.5~3.7e-5. After that, if more bulls join in, then SHIB can go up again. But P3 somewhere above P2 is needed as a fuel for new ATH.
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