Shiba Inu (SHIB) and Dogecoin (DOGE) have been consolidating in recent days, along with Bitcoin (BTC) and Ethereum (ETH). The consolidation is needed as many coins and tokens have surged over the past few weeks, causing the apex cryptos to regain the important 200-day simple moving average (SMA) as support.
Shiba Inu skyrocketed more than 42% between Dec. 28 and Saturday, and has since been consolidating under the 200-day SMA. The 200-day simple moving average (SMA) is a crucial indicator for technical traders, as it can help them identify whether a stock or crypto is in a bullish or bearish phase. Additionally, the 200-day SMA acts as a significant level of support and resistance, with stocks and cryptos rarely breaking through it on the first try.
Understanding the Importance of Consolidation in the Crypto Market
Shiba Inu’s consolidation under the 200-day SMA is taking place in the form of a triple inside bar pattern. The pattern is showing bullish tendencies as Shiba Inu was trading at a higher value prior to the formation of the inside bars. Investors can monitor the cryptocurrency’s movements to see if it breaks above or below the mother bar from Saturday, with higher-than-usual trading volume potentially indicating the pattern has been acknowledged.
If the crypto breaks up from the pattern, it will regain the 200-day SMA, which would give bullish traders more confidence going forward. If Shiba Inu falls below the mother bar, traders and investors can monitor for any reversal patterns, like a doji or hammer candlestick, above the most recent high low of $0.00000865. Bearish traders will look for Shiba Inu to reverse its uptrend by either reaching a lower high or a lower low.
Shiba Inu has resistance above at $0.00001081 and $0.00001178 and support below at $0.00000975 and $0.00000877.
Analyzing the Consolidation Patterns of Shiba Inu (SHIB) and Dogecoin (DOGE)
While Shiba Inu and Dogecoin have been consolidating, newer meme tokens such as Big Eyes Coin (BIG) have been gaining attention from the crypto community. BIG is a DeFi token based on the Ethereum network and has been gaining a lot of attention from the crypto community. Due to the high level of community demand, Big Eyes Coin will now launch near the end of January rather than the initially planned late 2023 launch. An astounding $16 million has been raised from the pre-sale altogether, and this coin isn’t done yet; it’s still gaining momentum as more investors become aware of the enormous potential Big Eyes Coin has.
Big Eyes Coin (BIG): A Community-Focused Meme Token with Huge Potential
One of the things that sets Big Eyes Coin apart from other meme coins is its community-focused approach. The coin offers decentralisation at the heart of its ecosystem, with users joining the network’s developmental and expanding process as long as they are token holders. Additionally, the team behind Big Eyes Coin has announced a new ‘Launch Bonanza’ offer that is sure to excite investors. By using the code LAUNCHBIGEYES200, applicants will receive a 200% bonus, bringing the Big Eyes launch even closer. If a further $12 million is raised by the end of January, Big Eyes Coin will launch immediately.
In conclusion, as the crypto market starts to build momentum again, it’s important to pay attention to cryptocurrencies like Shiba Inu (SHIB) and Dogecoin (DOGE) that have high utility and are likely to perform well in the coming bull market. You should also keep your eyes on up-and-coming meme coins like Big Eyes Coin (BIG), as they have the potential to significantly increase the gains of your portfolio
and potentially provide a new avenue of growth for investors. Keep an eye on the consolidation patterns of these coins and take advantage of offers like the ‘Launch Bonanza’ for Big Eyes Coin to potentially maximize your returns in the crypto market. As always, conduct your own research and seek advice from a licensed financial advisor before making any investment decisions.