Shiba Inu firms up support before SHIBA tests a breakout above $0.000030

Shiba Inu price faced the same selling pressure experienced by the broader cryptocurrency market this past weekend. Sellers have been in clear control of this market since February 17 and tested the final Ichimoku support level at the bottom of the Cloud (Senkou Span A) but failed to push SHIBA below it.

Shiba Inu price positioned for a massive bullish breakout, targeting $0.000054

Shiba Inu price action is exceptionally bullish, despite the recent selling pressure. The reason for this bullish outlook is the position it is in within the Ichimoku Kinko Hyo system. SHIBA is now at a position where it can complete the same bullish Ichimoku pattern that generated the rally seen back in October 2021.

The pattern Shiba Inu price is closed to completing is known as an Ideal Bullish Ichimoku Breakout. The rules for this pattern are as follows:

1. Future Senkou Span A is above Future Senkou Span B.
2. The Tenkan-Sen is above the Kijun-Sen.
3. The current Close is above the Tenkan-Sen and Kijun-Sen.
4. The current Close is above the Ichimoku Cloud.
5. The Chikou Span is above the bodies of the candlesticks and in open space.

All of the conditions required to fulfill the Ideal Bullish Ichimoku breakout are complete save one: the current Close above the Ichimoku Cloud. If bulls can push Shiba Inu price to a close at or above $0.000029 to $0.000030, then that pattern will be complete, likely extending SHIBA’s run towards the $0.000054 value area.

SHIBA/USDT Daily Ichimoku Kinko Hyo Chart

Downside risks, however, do remain. For example, if Shiba Inu price moves to a daily close where the Chikou Span would be below the bodies of the candlesticks (below $0.000020) and in open space, then a capitulation move towards $0.000012 is highly likely.