• Shiba Inu price develops a powerful bullish entry condition on its Point and Figure chart.
  • The bullish continuation pattern on the Ichimoku chart compliments the Point and Figure entry idea.
  • Limited downside risk ahead when compared to potential gains.

Shiba Inu price triggered an event that has not been triggered since October 2021: an Ideal Bullish Ichimoku Breakout. When the Ideal Bullish Ichimoku Breakout is confirmed, instruments often have long and sustained uptrends, something SHIBA has not seen in five months. However, SHIBA did drop below the Cloud, and bulls now await another confirmation to go long.

Also read: Nasdaq futures power higher as Twitter leads the way

Shiba Inu price must close at $0.000027 before it can target $0.000040

Shiba Inu price action on the daily chart needs to close at or above $0.000027 to confirm an Ideal Bullish Ichimoku Breakout. Despite the selling pressure near and above $0.000030, bulls have maintained a stable value area near $0.00025 to $0.000027. A massive short squeeze could likely begin very soon.

SHIBA/USDT Daily Ichimoku Kinko Hyo Chart

A hypothetical long entry identified two weeks ago was triggered at $0.000028 and continues to move higher. The stop loss for that long setup is $0.000024, and the profit target at $0.000040. Now, the ideal setup would be a pullback with a new O-column, which would promptly reverse again to print another X-column.

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

The result would be the most bullish Point and Figure pattern in Point and Figure charting: the Bullish Catapult. In that scenario, the original profit target of $0.000040 would likely be extended by another 10% to 15%.

There is a theoretical short setup that remains valid for Shiba Inu price. The entry is a sell stop order at $0.000021, a stop loss at $0.000025, and a profit target at $0.000010. If triggered, the entry would not only confirm a Triple Bottom Breakout, but it would confirm a Bullish Fakeout setup.

The short entry is invalidated if the current X-column moves to $0.000030.

 

Note: All information on this page is subject to change. The use of this website constitutes acceptance of our user agreement. Please read our privacy policy and legal disclaimer. Opinions expressed at FXstreet.com are those of the individual authors and do not necessarily represent the opinion of FXstreet.com or its management. Risk Disclosure: Trading foreign exchange on margin carries a high level of risk, and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to invest in foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading, and seek advice from an independent financial advisor if you have any doubts.

Cryptos feed Join Telegram

Recommended content


Recommended Content

Editors’ Picks

Bitcoin Weekly Forecast: Assessing likelihood of 80% rally for BTC before 2023

Bitcoin Weekly Forecast: Assessing likelihood of 80% rally for BTC before 2023

Bitcoin price action over the last 72 hours indicates that a massive bullish move is coming. In the last two articles, we have taken a look at why this is possible from a technical and on-chain perspective. 

More Bitcoin News

Luna Classic price: Binance burned 6 billion LUNC, triggering massive rally in the altcoin

Luna Classic price: Binance burned 6 billion LUNC, triggering massive rally in the altcoin

Luna Classic (LUNC) price witnessed a massive spike on Friday, after yielding 12% gains overnight. The move came after the world’s largest crypto exchange, Binance announced it would be burning 6.39 billion LUNC tokens. 

More Luna Classic News

Binance native token BNB and staking derivatives bleed after $5 million DeFi exploit on Ankr Protocol

Binance native token BNB and staking derivatives bleed after $5 million DeFi exploit on Ankr Protocol

Binance’s native token BNB suffered a 3% decline in response to the $5 million exploit on DeFi protocol Ankr Protocol. The BNB chain-based protocol confirmed that it has fallen victim to a multi-million dollar exploit. 

More Binance Coin News

Cardano price gets underpinned, could move 10% north before New Year

Cardano price gets underpinned, could move 10% north before New Year

Cardano (ADA) price action is trading in more quiet waters as the spillover effects and aftermath of FTX and BlockFi bankruptcies are finally easing into the background. 

More Cardano News

Bitcoin Weekly Forecast: Assessing likelihood of 80% rally for BTC before 2023

Bitcoin Weekly Forecast: Assessing likelihood of 80% rally for BTC before 2023

A massive bullish move is coming. In the last two articles, we have taken a look at why this is possible from a technical and on-chain perspective. In this weekly forecast, we will take a look at Bitcoin’s monthly performance for the last decade and determine if this bullish outlook is possible. 

Read full analysis

BTC

ETH

XRP