• SHIBA INU price has been coiling within a range for several weeks.
  • SHIB has printed two consecutive inside bars on the 2-week chart.
  • Traders should wait for more evidence of the next directional trend.

SHIBA INU price is forecasting a 30% move in the coming weeks. Following last week’s no-trade zone, the popular meme token has printed two consecutive inside week bars, within a 30% range. 

SHIBA INU price action points to an imminent breakout

SHIBA INU Price on the 2-week Chart has printed consecutive inside bars on the two-week chart. Inside bars usually occur in low volatile market conditions and can terminate with very explosive rallies. It is worth noting that ranges within the inside bars can also project future price targets. The previous 2-week candle sets a range of 30% in either direction.

Traders may want to consider adopting a pending order-style trading plan as the future 30% price spike is currently unpredictable. A break below the two-week low at $0.00002120 is likely to send the Shiba Inu price 30% lower to the 61.8 Fibonacci level at $0.00001517.

On the contrary, a spike above the current two-week high at $0.00002247 could be the catalyst to send the SHIB price up 30% to challenge the other side of the previous 2-week candle at $0.00002861.

SHIB/USDT 2-Week Chart

SHIB price is likely to have a 30 percent change in price, but because the direction is unclear, the meme coin should be considered as a no-trade zone until further trend direction is clearer. An invalidation for trading the 2-week chart method would be to place a stop loss opposite the future breakout. For instance, bulls going long should aim for 30% above the current price towards $0.00002976 and the 38.2% Fib at $0.00002975 with an invalidation point being the previous two-week low at $0.00002120.

The bears should consider a 30 percent target below to land at $0.00001517, with an invalidation point being the previous 2-week high at 0.0002861

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.

Cryptos feed Join Telegram

Recommended content


Recommended Content

Editors’ Picks

Top 3 Price Prediction Bitcoin, Ethereum, Ripple: What’s next after cryptos meet stiff resistance

Top 3 Price Prediction Bitcoin, Ethereum, Ripple: What’s next after cryptos meet stiff resistance

Bitcoin price has shown incredible resilience after its massive crash in the second week of June. Since then BTC has produced considerable gains over the past week and the start of a new week brings the promise of even higher returns.

More Bitcoin News

All you need to know about Cardano’s Vasil hard fork and how ADA price will react

All you need to know about Cardano’s Vasil hard fork and how ADA price will react

Cardano price seems to be preparing for massive gains as Vasil hard fork takes one step closer to becoming a reality. In a recent Twitter thread, IOHK, the developers behind Cardano announced the launch of Cardano node 1.35.0 on June 25.

More Cardano News

Traders must watch out for this bull trap SafeMoon price is forming

Traders must watch out for this bull trap SafeMoon price is forming

SafeMoon (SFM) price looks promising today for a pop higher and a test of the technical moving average at around $0.000600000. With the current soft patch in global markets, tail risks are still very much present and could flare up at any moment.

More SafeMoon News

SEC vs. Ripple: Brad Garlinghouse announces expansion out of the US if outcome is unfavorable

SEC vs. Ripple: Brad Garlinghouse announces expansion out of the US if outcome is unfavorable

Brad Garlinghouse, CEO of Ripple, has affirmed a move outside the US if the payment giant loses the SEC vs. Ripple lawsuit. Ripple has been embroiled in a legal battle, defending its sale of XRP and the altcoin's position as a non-security since December 2020.

More Ripple News

Bitcoin: Everything you need to know about BTC 200-week MA

Bitcoin: Everything you need to know about BTC 200-week MA

Bitcoin price has gone through turbulent times over the last few months. From reaching a new all-time high to hitting yearly lows and revisiting levels since 2020, the crypto markets have been extremely volatile.

Read full analysis

BTC

ETH

XRP