Shiba Inu presents buy opportunity before SHIBA launches to $0.000100
- Shiba Inu price continues to test the bear market trendline on its $0.0000025/3-box Point and Figure chart.
- A massive 75% spike higher is likely if Shiba Inu cracks above resistance.
- Until a bullish breakout occurs, Shiba Inu still has near-term bearish pressure.
Shiba Inu price continues to struggle with a return to the $0.0000650 value area. A return to $0.0000650 could prelude a massive breakout and bear trap. However, a rejection would likely initiate a sell-off.
Shiba Inu price faces final test and buy opportunity to push on to new all-time highs
Shiba Inu price is at a make-or-break level. To move higher, Shiba Inu must breakout above the bear market trendline (red diagonal line). However, there may be some initial difficulties. A return to $0.0000650 would create a double-top against the Volume Point of Control (red horizontal line) and the bear market angle. Therefore, initial rejection should be anticipated – and desired.
A breakout above the anticipated double-top would likely face immediate and long-term selling pressure. So instead, bulls should look for an initial pullback after the double-top is made then wait for a triple-top to develop. Waiting for a triple-top or split triple-top is essential to confirm that Shiba Inu price will push on to new all-time highs.
SHIBA/USDT $0.000025/3-box Point and Figure Chart
However, traders will want to observe if Shiba Inu price faces any rejection from moving to or above $0.0000650. Shiba Inu could see a resumption of the current selling pressure with price moving to previously reviewed lows. Traders will want to pay special attention to the $0.0000400 level as the Volume Profile becomes considerably thin, indicating effortless moves lower if Shiba Inu moves to that price zone.
Author
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.
