Shiba Inu price is due for a 30% recovery rally
|- SHIB price has strong Fibonacci targets well above 30%.
- Shiba Inu price has moving averages coinciding with higher targets.
- Invalidation is a breach at the swing low at $0.00001704.
Shiba Inu price gives reason to believe in a 30% countertrend rally at a minimum. The invalidation level lies 15% below $0.00001704.
Shiba Inu price to rally soon
Shiba Inu price has produced choppy sideways price action for over one year. Erratic swings accompanied with puzzling price action spells for a triangle formation. A Fibonacci retracement level surrounding the prior swing high to swing low also has a strong 61.8% target marked at $0.00002741, which would result in a 36% increase from the current SHIB price of $0.00002020.
Shiba Inu price also has significant 50- and 100-day moving averages that coincide with the higher Fibonacci targets. Because of the bears' overall choppy price action and tapering volume, the current year-long downtrend is deemed a corrective structure due to an impulsive rally to balance out the wave structure.
SHIB/USDT 2-Day Chart
Invalidation of the uptrend scenario will be a breach of the swing low at $0.00001704. If the bears can reach this level, the SHIB price could continue falling to %$0.00001377, resulting in a 30% decrease from the current Shiba Inu price.
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