It seems that those who did not invest in Shiba Inu (SHIB) during the recent price slump may soon experience fear of missing out, or FOMO as it is known in the cryptocurrency market.
The thing is, according to the popular Bollinger Bands indicator, the price of the popular meme-inspired cryptocurrency has reached what may be a local bottom after losing 14% since Tuesday. When it hit $0.00001462 on Friday, the price of SHIB jumped 9%, but what’s more important is that it touched a lower band of the popular indicator.
Related
For those who don’t know, Bollinger Bands consist of three curves, with the 20-day moving average as the base and the lower and upper bands as deviations from it. As a result, the indicator creates a price range within which traders can estimate the price momentum of the asset.
When the price of the Shiba Inu token touches the lower band on an older time frame, its movement makes the odds for SHIB to rise higher than to fall, though not set in stone as there can be such occurrences as last week with massive liquidations.
Related
However, on the weekly time frame, this collapse caused the price of SHIB to touch the lower band, after which it rose 28% over the next six days.
If the price of the Shiba Inu token has indeed found a bottom, its next target could be the median, which is currently above $0.0000178 on the daily time frame and $0.0000217 on the weekly time frame. That’s a move up of at least 13% and at most 38.9%. Should SHIB manage to pull off such a trick, the FOMO will be felt throughout the entire market.
Source: https://u.today/shiba-inu-shib-bulls-on-verge-of-massive-fomo