Shiba Inu price breaks out, targets $0.00003
|- Shiba Inu price has broken out past the daily parallel trend channel
- SHIB price has seen massive upticks in buyers’ volume
- A close below $0.000024 will invalidate the bullish thesis
Shiba Inu price should have investors delighted as the price has broken out in pure impulsive fashion. SHIB enthusiasts have multiple reasons to believe in future gains.
Shiba Inu price continues to develop bullish confluences
Shiba Inu price is trading at $0.000026 and showing no signs of weakness. Following last week’s trade setup, the famous “Dogecoin killer” has soared in a vengeful manner, spiking through this month’s high at $0.00002860. The bears have likely felt the first blow and could be challenged further as the SHIB price consolidates at $0.00002900.
Shiba Inu price has broken out of a daily parallel trend channel that began early last week. The break of the trend channel may have warranted traders to add to their positions in hopes of establishing a new high before March ends.
The volume profile is also displaying bullish confluence. The spikes in volume after each consolidation is commonly known as the ramp pattern. Volume ramp patterns determine momentum and provide perspective on who is truly in control of any given market.
With the bullish confluences in place, SHIB price could make a run for $0.000038
SHIB/USDT 4h Chart
Despite the hype, traders who do not already have a position in Shiba Inu will have to keep an invalidation level in mind while looking for an entry.
Based on the technicals, Shiba Inu price should not fall below the median line of the parallel channel. Currently, the invalidation level is $0.00002400, 20% below the current price. If bears were to breach this level, Shiba Inu price could likely continue falling into $0.00002200 and $0.00002000 up to 25% below the current price.
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