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Shiba Inu price on path toward 24% gains as $0.00001600 hits bulls’ radar

  • With the US inflation numbers out of the way, SHIB traders finally get a free pass to trade higher.
  • Shiba Inu price could jump 24% toward the monthly R2 resistance level.
  • Except to see a slow but consecutive grind higher with tail risks lurking around the corner.

Shiba Inu (SHIB) price looks to be unleashed from its burden that was priced in these recent couple of days brought on byUS inflation numbers. As that data is now out of the way, traders do not seem to question anymore what they mean. They were slightly lower, and that is all that counts for the markets. Expect a nice grind higher to tick $0.00001600 before the overheated Relative Strength Index (RSI) taps SHIB bulls on the shoulder to make them profit on this rally.

Shiba Inu flirts with a key bullish element

Shiba Inu price is shaking off the drag of the US Consumer Price Index (CPI) data, which triggered a two-day mini sell-off beforehand. With bullish energy now getting unleashed, SHIB price action has produced new highs for the week. Traders will want to watch a possible further continuation of the positive sentiment going into the US session later this Wednesday once equities turn green.

SHIB traders have their eyes glued to the monthly R1 and that green ascending trend line near $0.00001400. A daily close above there would be perfect for bulls to set sail toward the monthly R2. With a value near $0.00001600, the RSI will be hitting the overbought barrier, and a small risk of a double top could be at hand since bulls will want to take some profit with a 24% gain in the books.

SHIB/USD daily chart

SHIB/USD daily chart

Bigger risk comes with several military reports that see more Russian aeroplanes, helicopters and fighter jets within tactical range of key points in Ukraine. It looks like the next ground offensive from Russia will be one accompanied by air support. That would mean a firm escalation of the situation and could drag Europe across its red line of delivering fighter jets to Ukraine as the war hits a new high. 

Author

Filip Lagaart

Filip Lagaart is a former sales/trader with over 15 years of financial markets expertise under its belt.

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