Shiba Inu to outperform Dogecoin as SHIB get ready to breakout to $0.000040

  • Shiba Inu price underperforms Bitcoin, Ethereum, and the broader crypto market. 
  • SHIBA develops a powerful bullish breakout pattern on the Point and Figure chart. 
  • The lagging price action will likely translate to SHIBA leading altcoins soon. 

Shiba Inu price action has been disappointing over the past few days. While cryptocurrencies like Bitcoin, Ethereum, Ethereum Classic, and Cardano have experienced, in some cases, double-digit percentage gains, SHIBA has struggled to maintain a 3% gain. However, that may change very soon. 

Also read: AMC stock loses steam after seven-day win streak

Shiba Inu price coiled for an explosive bullish breakout

Shiba Inu price has developed several trading opportunities on its $0.000001/3-box reversal Point and Figure chart. The long setup is the most likely to play out, but there is an equally strong but more unlikely short scenario as well. 

The hypothetical long trade for Shiba Inu price is a buy stop order at $0.000028, a stop loss at $0.000025, and a profit target at $0.000040. If the entry is triggered, it will confirm a breakout above the 2022 Volume Point Of Control ($0.000026) and simultaneously confirm the Triple Top Breakout and Bearish Shakeout patterns in Point and Figure. 

SHIBA/USDT $0.000001/3-box Reversal Point and Figure Chart

A three-box trailing stop would help protect any implied profit made post entry. 
The long trade for Shiba Inu price represents a 4:1 reward for the risk setup. It is invalidated if the short idea below is triggered first. 

The theoretical short setup for Shiba Inu price is a sell stop order at $0.000021, a stop loss at $0.000025, and a profit target at $0.000010. The short entry, if triggered, would confirm a Triple Bottom Breakout pattern and could result in a flash crash due to the extremely thin Volume Profile between $0.000020 and $0.000010. 

SHIBA/USDT $0.000001/3-box Reversal Point and Figure Chart

A two-box trailing stop would help protect against some volatility in the event of a bearish break. 
The short idea is a 2.75:1 reward for the risk. It is invalidated if the current X column moves to $0.000030.

 

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