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Bollinger Bands Identify Next Important Stop for Shiba Inu (SHIB)
As the cryptocurrency market continues to be characterized by volatility and uncertainty, it is essential for investors and traders to stay informed about the latest developments and trends in the space. One important tool that can help us navigate this complex landscape is Bollinger Bands.
In a recent article, our analyst Gamza Khanzadaev discussed the importance of considering multiple factors when making an investment decision regarding Shiba Inu (SHIB). This time, we would like to focus on a specific technical analysis indicator – Bollinger Bands – which can provide valuable insights into the current market dynamics.
For those who may not be familiar with this concept, let me explain briefly. The Bollinger Band is an overbought and oversold zone that is based on the moving average of a 20-day simple moving average (SMA). The idea behind this technique is to anticipate potential price movements by identifying deviations from its standard volatility range.
As we can see in the chart below, there has been a strong rally in SHIB’s price, and it has reached the upper Bollinger Band.
Source: u.today
