Share:

  • Shiba Inu price has broken out past the daily parallel trend channel
  • SHIB price has seen massive upticks in buyers’ volume
  • A close below $0.000024 will invalidate the bullish thesis

Shiba Inu price should have investors delighted as the price has broken out in pure impulsive fashion. SHIB enthusiasts have multiple reasons to believe in future gains.

Shiba Inu price continues to develop bullish confluences

Shiba Inu price is trading at $0.000026 and showing no signs of weakness. Following last week’s trade setup, the famous “Dogecoin killer” has soared in a vengeful manner, spiking through this month’s high at $0.00002860. The bears have likely felt the first blow and could be challenged further as the SHIB price consolidates at $0.00002900.

Shiba Inu price has broken out of a daily parallel trend channel that began early last week. The break of the trend channel may have warranted traders to add to their positions in hopes of establishing a new high before March ends. 

The volume profile is also displaying bullish confluence. The spikes in volume after each consolidation is commonly known as the ramp pattern. Volume ramp patterns determine momentum and provide perspective on who is truly in control of any given market.

With the bullish confluences in place, SHIB price could make a run for $0.000038

SHIB 3/28/22

SHIB/USDT 4h Chart

Despite the hype, traders who do not already have a position in Shiba Inu will have to keep an invalidation level in mind while looking for an entry. 

Based on the technicals, Shiba Inu price should not fall below the median line of the parallel channel. Currently, the invalidation level is $0.00002400, 20% below the current price. If bears were to breach this level, Shiba Inu price could likely continue falling into $0.00002200 and $0.00002000 up to 25% below the current price.

 

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.

Join Telegram

Follow us on Telegram

Stay updated of all the news

Join Telegram

Recommended content


Follow us on Telegram

Stay updated of all the news

Join Telegram

Recommended Content

Editors’ Picks

Could Aptos price buckle under pressure and crash 55%?

Could Aptos price buckle under pressure and crash 55%?

Aptos (APT) price is pushing on the red descending trend line to trigger a breakout trade with a rally toward $20.36. The move is an outlier as the downtrend since the beginning of February has not finished one day in the green. 

More Cryptocurrencies News

Cardano price looks overpriced, 17% nosedive likely for ADA

Cardano price looks overpriced, 17% nosedive likely for ADA

Cardano (ADA) traders need to face reality as markets are pivoting back toward a sticky inflation story, which contradicts the Goldilocks story that was the driving force in January.

More Cardano News

Luna Classic gears up for recovery after Binance support and latest upgrade

Luna Classic gears up for recovery after Binance support and latest upgrade

Terra Classic (LUNC) formerly known as LUNA is upgrading from its v1.0.4 version to v1.0.5. The world’s largest exchange by volume, Binance has announced support for Luna Classic, fueling a bullish narrative among LUNC holders. 

More Luna Classic News

XRP Price Prediction: Will Powell propel Ripple or dampen the 2023 bull rally?

XRP Price Prediction: Will Powell propel Ripple or dampen the 2023 bull rally?

Ripple (XRP) price sees traders front-running the main event for today with Federal Reserve Chair Jerome Powell taking the stage later this evening at 17:00 GMT in Washington.

More Ripple News

Bitcoin: Nonfarm Payrolls on the radar after Powell’s speech propels BTC higher

Bitcoin: Nonfarm Payrolls on the radar after Powell’s speech propels BTC higher

Bitcoin (BTC) price is at an inflection point as it continues to rally amid multiple sell signals on lower time frames. The Nonfarm Payrolls (NFP) report, including the unemployment rate and average hourly earnings, is set to be announced on February 3 at 1330 GMT.

Read full analysis

BTC

ETH

XRP