• Shiba Inu price action hits previously identified profit zone at $0.000044
  • A triple-bottom breakout could trigger a fast corrective move.
  • Profit-taking and a re-test of the prior swing lows are essential to confirm a healthy and sustained trend higher.

Shiba Inu price has outperformed almost all its peers, with an astounding rally of over 500% from the October open. However, some profit-taking and a general retracement may occur before Shiba Inu continues its drive higher.

Shiba Inu price gain of 30% over the weekend, pushes higher but the upside may be limited

Shiba Inu price has two primary trade setups to start the final trading week of October, one long and one short. The trade setup with the highest positive expectancy rate is on the short side of the market. For that setup, the hypothetical short entry would be the break of a triple-bottom at $0.000034 with the stop loss at $0.000037. The profit target would be the confluence zone of the 161.8% Fibonacci Expansion and high volume node in the Volume Profile at $0.000026. The vertical profit target method in Point and Figure analysis also identifies $0.000026 as a likely pullback level.

Additionally, because of the single X above the previous double-top, if Shiba Inu price moves down to the entry at $0.000034, it will also confirm the creation of a bearish Point and Figure pattern known as a Bull Trap.

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

However, the overall trend remains bullish, and the momentum Shiba Inu price is experiencing will likely continue. A hypothetical entry at $0.000042 (stop loss at $0.000039) would occur at the break of a double top and would invalidate the previously identified short idea. The vertical profit target method identifies the maximum upside potential from the hypothetical entry at $0.000053.

 

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.

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