The last time this happened Shiba Inu price exploded
- Shiba Inu price swept the range low of a $0.0000114 to $0.0000143 range, hinting at a trend reversal.
- Investors can expect a 20% upswing that sweeps the range high at $0.0000143.
- A four-hour candlestick close below $0.0000114 will create a lower low and invalidate the bullish thesis for SHIB.
Shiba Inu price is stuck trading inside a range for nearly two weeks and shows signs of exploding soon. Interested investors can ride this wave, which is likely going to be volatile and quick.
Shiba Inu price to surge soon
Shiba Inu price dropped 20% between May 13 and 14 and established a range, extending from $0.0000114 to $0.0000143. Since its formation, SHIB has stayed true to the barriers and swept the range low on multiple occasions with the latest one on May 24. The last time SHIB coiled up and consolidated in a tight range was in September 2021, which was followed by an exponential move that shocked the entire crypto ecosystem. Therefore, the current price action also hints at the possibility of such a move to occur.
For rangebound movement, investors can expect a sweep of one of the limits to be followed by a move in the opposite direction to tag the other limit. Since the range low for SHIB was swept on May 24, investors can expect the Shiba Inu price to reverse its trend.
The reversal will likely propel Shiba Inu price due to the coiling up that took place over the past 11 days. As a result, the upcoming rally will allow bulls to sweep the range high at $0.0000143 for a 25% ascent.
SHIB/USDT 4-hour chart
While things are looking up for the meme coin, a four-hour candlestick close below $0.0000114 will create a lower low and invalidate the bullish thesis for Shiba Inu price. In such a case, SHIB could slide lower and revisit the $0.0000106 support floor.
Author
Akash Girimath
FXStreet
Akash Girimath is a Mechanical Engineer interested in the chaos of the financial markets. Trying to make sense of this convoluted yet fascinating space, he switched his engineering job to become a crypto reporter and analyst.
