Top Meme Coin Trader Spots a ‘Buy’ Signal for Shiba Inu as SHIB Price Skyrockets by 300%

March 5, 2024

Why is Fake SHIBA Coin Pumping 200%? Stay Away From This Scam Meme Coin

Shiba Inu (SHIB) has been on an absolute tear lately, surging a remarkable 300% in the last 7 days. Today alone, SHIB is up over 60% to trade around $0.000042 at press time.

Amid this explosive rally, a top trader on TradingView with over 30,000 followers has spotted a “Buy” signal for SHIB. The trader, known as “pullbacksignal,” just posted a detailed analysis calling for traders to open buy positions now.

According to the analysis, traders can buy SHIB now or at the $0.0000306 level, with a stop loss at $0.0000225. The trader has set three take profit targets:

TP1 at $0.0000540 (28% gain from current levels)
TP2 at $0.0000667 (58% gain)
TP3 at $0.0000830 (97% gain)

pullbacksignal’s trading signals are based on classical technical analysis, including price action candlesticks, Fibonacci retracements, RSI, moving averages, Ichimoku Cloud, and Bollinger Bands.

While SHIB has pumped over 60% today, it’s interesting to note that its daily Relative Strength Index (RSI) is still at 51, which is in neutral territory. This could suggest the rally has more room to run before becoming overbought. An RSI reading below 30 is considered oversold, while above 70 signals overbought conditions.

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The massive SHIB rally comes amid a broader surge in meme coins such as Dogecoin, WIF, BONK, PEPE, and FLOKI. All of these meme coins surged 100%-300% in the last 7 days. While the fundamentals behind most of these tokens remain questionable, the fear of missing out (FOMO) and speculative trading can drive incredible rallies during bull markets.

It remains to be seen if pullbacksignal’s lofty SHIB targets will be achieved. But in the world of meme coins and speculative crypto, crazier things have happened. For now, the dog-themed token is having its day in the sun.

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