|

Shiba Inu bulls hurt, but buy opportunity is just around the corner

  • Shiba Inu price is stuck in a bearish triangle with a price target at $0.00004490. 
  • SHIB price sees buyers still interested as RSI not trading in oversold territory. 
  • Expect bulls to step in below the pivot with $0.000050000 and $0.00004490 as entry points.

Shiba Inu (SHIB) price is caught in a bearish triangle and is set to break back below the monthly pivot and 50% Fibonacci level. With the Relative Strength Index still above 50, bears still have plenty of room to run prices to the downside as SHIB bears look to complete the triangle. Expect a break towards the base of the triangle at $0.00004490 and a possible bounce off the 61.8% Fibonacci level, at the same level.

Shiba Inu bulls await triangle completion before bullish breakout 

Shiba Inu price already saw quite the bullish response on November 4, when SHIB price dipped temporarily below the 61.8$ Fibonacci level at $0.00004490 before recovering. That level also falls in line with a technical pivot level from October 24. The bulls got rejected first at this level from making a new high, but made a clear break higher days after that. 

SHIB price will see bears first trying to complete the bearish trend by completing the triangle with a further touch at that same pivot and Fibonacci level near $0.00004490. As the red descending trend line is very well respected with three retests, expect bears to squeeze bulls out of their long-entries above the monthly pivot at $0.00005435 and the 50% Fibonacci level at $0.00005690.

SHIB/USD daily chart

Once bears have completed their triangle play down to $0.0000490, expect bulls to pick up Shiba Inu price action and defend this level once again. By then, the RSI will be threading below 50 and will signal the green light for buyers to step in and buy SHIB coins at a discount. If more positive tailwinds emerge, expect the buy-side volume to explode once the red descending trend line is broken, with $0.00008373 as profit target to the upside.




 

Author

Filip Lagaart

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

More from Filip Lagaart
Share:

Editor's Picks

XRP extends recovery as on-chain activity grows
Ripple (XRP) ticks up and trades around $1.13 at the time of writing on Tuesday. This rebound aligns with a broader recovery in the cryptocurrency market, attributed to reports that mediators between the United States (US) and Iran are seeking a 10-day cessation of strikes to find a way back to the signed Memorandum of Understanding (MoU).
Ethereum Price Forecast: ETH continues July uptrend with 20% rise after triggering buy signal
Ethereum (ETH) has gained 3% on Tuesday, extending its July gains above 20% after key on-chain indicators highlighted a resumption of buying activity. The strong performance so far in July comes a few days after ETH triggered the Market Value to Realized Value (MVRV) Buy signal. ETH has been up by roughly 22% since the signal.
Chainlink becomes top 20 best performer, 3 reasons behind the move
Chainlink (LINK) has become the best-performing asset in the top 20 this week, leading every other major cryptocurrency. The cryptocurrency jumped 10.18% to $8.71, its highest level since early June. Three major factors explain the double-digit rise over the past week.
Crypto Today: Bitcoin, Ethereum, XRP extend rebound amid returning institutional capital inflows
Cryptocurrency prices extend a broad recovery, led by Bitcoin (BTC), trading above $66,000 at the time of writing on Tuesday. Ethereum (ETH) remains bullish above $1,940, after logging four straight days of gains. Meanwhile, Ripple (XRP) hovers around $1.13, building on the reclaimed $1.10 critical level.
Bitcoin’s potential recovery in the second half hinges on these 4 catalysts
Bitcoin (BTC) has fallen over 34% in the first half of this year as the King Crypto failed to capitalize on a good semester for risk assets despite the woes from the Iran war.