- 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.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.