SHPINGHello, here i present to you my analysis on SHPING Token.
This token is available on Coinbase and other top exchanges.
First and foremost, this is not financial advise. All financial decisions are
your sole responsibility. This is simply and analysis and opinion.
My analysis is displayed on a 3 day time frame chart.
As you can see Shping has broken an almost 2 year old trend line (in blue).
It can be interpreted as a descending wedge pattern, as price action moves
in a way where it reaches an inflection point and the price action is compressed into
a tight trading range. This technical pattern is usually followed by an explosive
move to the upside.
For the past 4 mnths price action has gone flat between the levels of 0.006 ( in white)
and 0.004 right bellow (in gold). Thus the 0.004 area can be seen as a high interest level since it has been support and resistance for many months.
This has resulted in an inverted Head and Shoulders formation which you can see highlighted
in white.
What we want to see now, and what i expect, is for price to begin making higher highs and higher lows. This would validate that bulls are now in control and that price will appreciate in the future. Once price breaks and holds above 0.006, we can see impulsive moves to the upside.
The RSI in yellow looks to indicate higher highs.
The MACD illustrates the same while also showing higher lows in price.
This hidden bullish momentum.
SHPING could be a winner. 10M market cap currently.
