|

Shiba Inu continues to present a buying opportunity before SHIBA gains over 100%

  • Shiba Inu price action is unchanged on its Point and Figure chart.
  • A tight trading range over the past few weeks could be a sign of strength.
  • Downside risks exist but are very limited in scope and range.

Shiba Inu price has been stuck in a very, very constricted trading range over the past seven trading days, but throughout December, SHIBA formed a strong support zone and a new Volume Point Of Control – indicating a new uptrend may be imminent.

Shiba Inu price readies for launch and significant outperformance

Shiba Inu price, from an Ichimoku perspective, looks extremely bearish and should be pursuing new multiple-month lows – but it isn’t. Short-sellers have been unable or unwilling to push Shiba Inu into a central capitulation zone. Instead, participants have created a new and massive Volume Point Of Control at $0.000032.

SHIBA/USDT Daily Ichimoku Chart

The Volume Point Of Control in the volume profile is an equilibrium area. It is the price level where the most buying and selling has occurred. It is where bulls and bears have battled the most. It is a tipping point level and whichever direction Shiba Inu price eventually moves, those on the opposite side of the trade will get crushed.

On the $0.0000025/3-box reversal Point and Figure Chart, SHIBA is unchanged from the recent, prior analysis. The theoretical long entry remains a buy stop order at $0.0000375, a stop loss at $0.0000275, and a profit target at $0.0000775. The trade idea represents a 4:1 reward for the risk setup with an implied profit target of nearly 107% from the entry.

SHIBA/USDT $0.0000025/3-box Reversal Point and Figure Chart

The long trade idea is invalidated if Shiba Inu price drops below $0.0000200. Additional downside risks below $0.0000200, however, are probably limited to $0.0000150. 

 

Author

Jonathan Morgan

Jonathan Morgan

Independent Analyst

Jonathan has been working as an Independent future, forex, and cryptocurrency trader and analyst for 8 years. He also has been writing for the past 5 years.

More from Jonathan Morgan
Share:

Markets move fast. We move first.

Orange Juice Newsletter brings you expert driven insights - not headlines. Every day on your inbox.

By subscribing you agree to our Terms and conditions.

Editor's Picks

Pi Network Price Forecast: PI flashes bearish potential as selling pressure mounts

Pi Network trades above $0.2000 at press time on Thursday, following a nearly 2% decline the previous day. Centralized Exchanges have received 1.90 million PI tokens over the last 24 hours, suggesting risk-off sentiment among holders.

Algorand Price Forecast: ALGO eyes further upside as falling-wedge retest holds

Algorand (ALGO) price steadies around $0.136 on Thursday, nearing a key support level; if it holds, it suggests further upside. Bullish sentiment strengthens as ALGO’s on-chain and derivatives data indicate improving trader sentiment.

Top Crypto Losers: Pump.fun, Story, and Pudgy Penguins test key support levels

Pump.fun (PUMP), Story (IP), and Pudgy Penguins (PENGU) experience intense selling pressure over the last 24 hours. PUMP and IP failed to cross the 50-day Exponential Moving Average, resulting in a pullback on Wednesday, while PENGU is testing its 50-day EMA.

XRP faces selling pressure as key on-chain metric resets and ETF inflows weaken

Ripple (XRP) is trading downward but holding support at $2.22 at the time of writing on Wednesday, as fear spreads across the cryptocurrency market, reversing gains made from the start of the year.

Orange Juice Newsletter – Smart insights by real people. Every day.

A free newsletter highlighting key market trends to help traders stay a step ahead. Daily insights on the most relevant trading topics, compiled by our experts in an easy-to-read format so you never miss an important move.

Bitcoin: Fed delivers, yet fails to impress BTC traders

Bitcoin (BTC) continues de trade within the recent consolidation phase, hovering around $92,000 at the time of writing on Friday, as investors digest the Federal Reserve’s (Fed) cautious December rate cut and its implications for risk assets.