Shiba Inu price targets 30% breakout trade which bulls will love to be part off
|- Shiba Inu price consolidated at a key area as price action remains underpinned.
- SHIB sees plenty of technicals element falling together and expects a breakout.
- Bulls have room to move as SHIB could explode 30% higher.
Shiba Inu (SHIB) price is setting the stage for a breakout trade later in the US session on Wednesday. The chart points to an inflection point with several indicators and bulls need to roll the dice here if they want to use the momentum to their advantage. With the price action being underpinned and some ample room to move higher, bulls are could book up to 30% gains on the back of this breakout trade.
Shiba Inu price set to head back to $0.00001200
Shiba Inu price is getting bullish intervention with its price action. Throughout the European session, the 200-day Simple Moving Average (SMA) provided support this Wednesday and kept price action above $0.000001000. Bulls are brushing against that red descending trend line that will be the line in the sand for a breakout.
SHIB bulls have the upside in their favor as that breakout is not bearing any firm resistance levels until the 55-day SMA. That one is just above $0.00001200 and means that bulls can reclaim that psychologic number. Should more tailwinds come in from the important Gaming Expo that is focussing on altcoins, SHIB could see more inflow with $0.00001300 by Friday in its forecast.
SHIB/USD 4H-chart
The bigger risk to the downside comes from the green ascending trend line. Although the area below that $0.00001000 level is very choppy, with the monthly S1 and that red line at $0.00000966 for the low of March, it could trigger a catalyst move once breached. A quick nosedive move to $0.00000738 could be the result.
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