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How Shiba Inu price is at a make or break point

  • Shiba Inu price has bulls banging on the door of a red descending trend line.
  • SHIB price looks set to break out of the downtrend since April. 
  • Expect a possible 55% price appreciation on the back of that breakout trade.

Shiba Inu (SHIB) price is set to deliver a very bullish signal to the markets as price action during the ASIA PAC session has started knocking up against a red descending trend line. That trend line has been the backbone of the downtrend that started in mid-April. A breakout above would trigger a jump back up towards $0.00001708 and make 55% of added value.

SHIB price set to erase downtrend with 55% jump

Shiba Inu price has bulls standing at the gate, ready to end the downtrend that has been hanging over the price action since April. An added plus is that with the Relative Strength Index (RSI) firmly to the downside, bulls will have plenty of free room to move higher. 

SHIB price will first see traders face $0.00001209, a fundamental level since October 05, 2021. Once through there, quite a significant area can be covered easily towards $0.00001708, with the new monthly pivot taken out in the process. This pivot will then provide support in case bulls get rejected by the $0.00001708 pivotal level. Even if price starts to fade around that level, it means a 55% increase to where SHIB price is trading this morning in the ASIA PAC session.

SHIB/USD daily chart

SHIB/USD daily chart

It is also possible that the downtrend may not be over, and could strengthen later today with the release of US job numbers if they prove to surprise to the upside. If that is the case, then dollar strength would weigh on SHIB price and lead to a drop back below $0.00001000 towards $0.00000965. If that level does not hold, expect to see a possible test of support at $0.00000655.

Author

Filip Lagaart

Filip Lagaart is a former sales/trader with over 15 years of financial markets expertise under its belt.

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