Shiba Inu price to provide buying opportunity before SHIB breaks out

Shiba Inu price is hovering above the $0.0000330 support level, contemplating another retest.
This brief downswing could provide a buying opportunity before SHIB kick-starts a 30% ascent to $0.0000442.
A breakdown of the $0.0000295 support floor will invalidate the bullish thesis.

Shiba Inu price has witnessed a tight consolidation around a vital support level for roughly a week and a half. This consolidation is in the final stages and might provide a bottom reversal pattern, triggering a small bull rally.

Shiba Inu price prepares for its launch

Shiba Inu price has been retesting the $0.0000330 support level for roughly eleven days and has recently set up a small range below it. Monday’s low at $0.0000315 could be a base for SHIB to form a potential triple bottom setup.

For now, Shiba Inu price needs another tap around Monday’s swing low to complete this technical formation. So, investors need to wait for a retest of $0.0000330 or Monday’s swing low at $0.0000315. A retest of either of these levels will allow SHIB to kick-start an ascent to $0.0000380 and the ‘buy-stop’ liquidity resting above it.

While there may be a minor retracement around this level, BTC will determine the next course of action for Shiba Inu price. If the big crypto continues to head higher, altcoins, including SHIB, will follow suit. In which case, SHIB needs to flip the $0.0000380 hurdle into a support floor. This development will allow the meme coin to extend its rally to $0.0000411 or $0.0000442.

If SHIB sets up a swing high around $0.0000442, it will constitute a 33% gain from the $0.0000330 support floor.

SHIB/USDT 4-hour chart

On the other hand, if Shiba Inu price fails to hold above Monday’s low at $0.0000315, it could indicate that the bears are back in control. A four-hour close below this level will invalidate the bullish thesis. In this situation, Shiba Inu price could head lower to retest the $0.0000295 support floor.

Share: Cryptos feed

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