• Shiba Inu price could flare up to $0.00001679 if the 200-day SMA hurdle crumbles.
  • A stubborn inverse head-and-shoulders neckline resistance may be the only bump between SHIB and a 39% move.
  • The IOMAP metric reinforces the upside target at $0.00001700, where some investors could empty their bags.

Shiba Inu price is on the frontline of ushering in the weekend with a daily bullish candle alongside other crypto assets such as Solana, Binance Coin and Polkadot. SHIB’s trading over the last few days has been somewhat sideways. Conversely, a bullish breakout may be in the offing, especially if the token makes a daily close above $0.00001220.

Shiba Inu price’s 39% move depends on the inverse head-and-shoulders pattern

Shiba Inu price formed an inverse head-and-shoulders (H&) pattern between May and August, as seen in the chart below. Crucial support at $0.00000740 allowed buyers to regain control against the backdrop of dire losses in May. This buyer congestion zone positively influenced SHIB but only up to $0.00001220.

Since the H&S pattern is highly bullish, Shiba Inu price has a good chance of sprinting to $0.00001679 – if it can make a clean break above the neckline. For now, buyers must subdue the overhead selling pressure brought to light by the 200-day Simple Moving Average (SMA) on the 12-hour chart.

The Moving Average Convergence Divergence (MACD) in the same timeframe would be required to hold above the mean line as well as keep the buy signal intact, affirming a solid bullish grip.

Shiba price

SHIB/USD 12-hour chart

On the flip side, the 50-day SMA provides immediate support slightly above an ascending trendline. Therefore, in the event of a bearish reversal, Shiba Inu price may recoil at a higher low, as long as the trend line is not broken.

From a fundamental perspective, Shiba Inu may exhaust the uptrend in the region between $0.00001400 and $0.00002100. IntoTheBlock’s IOMAP on-chain metric reveals that around 101,000 addresses previously purchased approximately 445.9 trillion SHIB tokens in the range.


Shiba Inu IOMAP chart

Traders preparing to make the most out of Shiba Inu price breakout to $0.00001679 should consider taking profit at $0.00001400, with the bullish holding out till $0.00001700. These targets factor in overhead pressure as investors sell at their respective breakeven price points.

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: How to trap a hungry bear

Top 3 Price Prediction Bitcoin, Ethereum, Ripple: How to trap a hungry bear

The crypto market moves higher. Placing a countertrend short is still ill-advised. Higher targets remain possible for all assets. Bitcoin price tests the lower half of an ascending channel for the third time. Ethereum price continues displaying bearish divergence but underline market strength remains. Ripple price in a make-or-break situation.

More Cryptocurrencies News

How to prepare for a ballistic XRP price move

How to prepare for a ballistic XRP price move

XRP flips bullish after tagging its primary support at $0.3600. The buyer congestion in this zone disrupted a potential drop to $0.3179. A glance at the technical outlook reveals that XRP price may close the day above $0.3800, with $0.4200 coming within reach.

More Ripple News

This MATIC price prediction is so far the best trade of 2022

This MATIC price prediction is so far the best trade of 2022

MATIC recent upswing is one of the best forecasted trade setups made this year. Here’s a full recap of what just took place. Polygon rallied 125% since July 1; FXStreet analysts were able to find an entry capturing 68% of the rally for an 85% increase in profit.

More Polygon News

Shiba Inu price ready to explode after Ethereum whale scoops up 312 billion SHIB

Shiba Inu price ready to explode after Ethereum whale scoops up 312 billion SHIB

Shiba Inu leaves competitor Dogecoin and layer-1 altcoins behind as it prepares to explode. Large wallet investors on the Ethereum network scooped up Shiba Inu, accumulating over 312 billion SHIB tokens. 

More Shiba Inu News

Bitcoin: If bulls lose control here, BTC could revisit $21,000

Bitcoin: If bulls lose control here, BTC could revisit $21,000

Bitcoin price shows an interesting setup that could reveal its next move. On closer inspection,  its technicals support a bearish outlook for the leading crypto.  

Read full analysis