Shiba Inu: Measuring the true potential of still HODLing SHIB

ambcrypto.com:

Disclaimer: The findings of the following analysis are the sole opinions of the writer and should not be considered investment advice

The dog-themed meme token has been on a swift decline since its ATH last year. Shiba Inu (SHIB) fell between a southbound parallel channel for months until the bulls stepped in to defend the $0.02-mark. (SHIB prices are multiplied by 1000 from here on).

Given the recently extended squeeze phase, SHIB would continue its movement near its Point Of Control (POC, red) before entering a high volatility phase. The alt needs to topple its first barrier at its immediate trendline resistance to open up recovery gates towards the $0.025-mark.

At press time, SHIB was trading at $0.02325, down by over 2% in the last 24 hours.

Source: TradingView, SHIB/USD

During the phase, SHIB lost its liquidity range (POC) near the $0.022-level while falling below its 20/50/200 EMA. The bulls took charge of the $0.02-mark that they upheld for over four months. As a result, SHIB saw a recovery that halted at the 23.6% Fibonacci resistance.

Following the same, buyers were on the back foot while the bears took control of the peaks until they flipped the $0.025-mark from support to resistance. Now, the price has entered a tight phase while the bulls have started building up pressure and rejecting the lower prices. Over the last month, SHIB formed a falling wedge (reversal pattern) on its daily chart. But, as the 20 EMA plunged below the 200 EMA (green), the bears visibly maintained their edge.

Considering the tendency of the SHIB bulls to defend the two-month trendline support, the alt could see a near-term recovery before a pullback. Any close above the trendline resistance (yellow) could wnable a test of the