Shiba Inu (SHIBAUSD) Daily Ichimoku Kinko Hyo Chart
Above: Shiba Inu (SHIBAUSD)
Shiba Inu has had one heck of a solid start for February. From the opening of $0.00002115 on February 1st, 2022, to the high of $0.00003532 made on February 7th, 2022, Shiba Inu spiked over 67%. It has moved lower since hitting that high but remains above the $0.000030000 level at $0.00003026. One very positive event that occurred for Shiba Inu was yesterday’s (Monday) close above Future Span A to inside the Ichimoku Cloud.
At the time of writing (1500 EST), Shiba Inu has pulled back and is down over -7% for the day, returning below the Ichimoku Cloud. If buyers can’t return Shiba Inu to a close inside the Cloud, then SHIBA will likely move lower and retest the support zone between the Base Line at $0.00002620 and the Conversion Line at $0.00002771. A trading opportunity on a pullback to the Conversion Line and Bas Line support levels is now open.
Buy Limit between $0.00002620 and $0.00002800
Stop Loss @ $0.00002200
Profit Target @ $0.00004000
Ripple (XRPUSD) Daily Ichimoku Kinko Hyo Chart
Above: Ripple (XRPUSD)
XRP exploded yesterday with a massive 20+% spike higher. It nearly had a close above the Ichimoku Cloud, which would have triggered an Ideal Ichimoku Bullish Breakout entry – the first of its kind since November 3rd, 2021. Bulls even pushed XRP even higher overnight and back into the $0.90 range for the first time since December 2021. But sellers jumped on top of that spike and have sold XRP lower by more than 10% from its intraday high. However, XRP has stubbornly held onto the support at Future Span A. Volume has increased and is now greater than yesterday’s volume – which was the highest volume traded day since January 22nd, 2022.
Two buying options now exist for bulls depending on their risk tolerance (if there is a thing in the crypto-space). The first is to take a buy market or buy stop near $0.84 – but only if XRP closes the daily chart above Future Span A (the bottom of the Ichimoku Cloud).
Buy Market/Buy Stop @ $0.84
Stop Loss @ $0.75
Profit Target @ $1.12
The second long setup is on a pullback below the Ichimoku Cloud and, similar to the SHIBA trade setup, a return to the Conversion Line and Base Line in the $0.75 value area.
Buy Limit @ $0.76
Stop Loss @ $0.55
Profit Target @ $1.05
Advertisement
Save money on your currency transfers with TorFX, voted International Money Transfer Provider of the Year 2016 – 2020. Their goal is to connect clients with ultra competitive exchange rates and a uniquely dedicated service whether they choose to trade online or over the telephone.
Find out more here.
