SHPINGUSD 12/11/2024SHPINGUSD 1HR Chart Analysis
Overview:
This analysis examines the shorter-term price movement for SHPINGUSD on Coinbase.
Price Action Summary:
• On December 7th, 2024, SHPINGUSD reached new highs for the day but subsequently entered a downtrend, dropping below the 50-day EMA over the next two days.
• Over the past three days, the price consolidated sideways, forming what appears to be an Inverted Head and Shoulders , a bullish reversal pattern.
• This is encouraging as the daily chart indicates a strong uptrend.
Current Market Dynamics:
• Today, the price broke above the neckline of the Inverted Head and Shoulders pattern.
• The breakout is supported by:
o Increased volume
o The MACD shifting into bullish territory
o Support from the 10-day and 50-day EMA
Projection:
If the price holds above the neckline and the support levels (10-day and 50-day EMA), a strong move north toward 0.0141 is likely.
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Trade Setup:
• Entry Price: 0.011361
• Stop-Loss: 0.010865 (-4.13%)
• Target Price: 0.014114 (+24.23%)
• Risk-Reward Ratio: 5.55:1
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Summary:
SHPINGUSD has shown bullish potential after breaking out of an Inverted Head and Shoulders pattern on the 1HR chart. The breakout is confirmed by volume, MACD, and EMA support. Holding above key support levels could lead to a significant upward move.
