SHIB Swing Long Idea -SHIBA Memecoin Trend

SHIB is the second-largest memecoin of all time, and I believe it hasn't reached its full potential yet. We've recently seen huge rallies in DOGE and BONK (refer to my previous analysis, where we captured over a 50% rise in BONK in just two days). I expect SHIB and DOGE to continue surging in the coming weeks. Notably, SHIB hasn’t reached its Spring 2024 high yet, unlike other memecoins, which gives me additional confidence that SHIB has much more room to grow.

Technical Analysis: Price is rebounding from a monthly demand zone and has created a weekly demand zone by breaking the bearish trendline that has governed the downtrend since Spring 2024.

I'm expecting a retracement back to the weekly demand (marked as the purple zone), which aligns with the Optimal Trade Entry (OTE). It may retrace as far as the trendline, or it may not. I'll be looking for confirmations within the purple zone, labeled 'Max Discount Zone.

SL: 0.0152
TP: 0.0456 (Spring 2024 high)