- Shiba Inu price resets the inefficiency created due to Robinhood listing by retracing 18%.
- A breakout from $0.0000329 will trigger a 38% upswing to $0.0000454.
- If SHIB produces a daily candlestick close below $0.00000211 it will invalidate the bullish thesis.
Shiba Inu price coils up as it approaches a crucial barrier, delaying the breakout from a bottom reversal pattern. SHIB needs the go-sign from the big crypto to move this move higher or the gains are going to come undone.
Shiba Inu price needs to make a move
Shiba Inu price has been forming an Adam and Eve pattern for more than three months. Although last week suggested that a breakout might be near, SHIB slid back into consolidation. The big crypto’s lack of volatility and the dog-themed crypto’s correlation with it seem to be playing a crucial role in the sideways movement.
Regardless, Shiba Inu quickly rallied 36% after the Robinhood listing on April 12, but has retraced roughly 18% from its peak and is currently hovering around $0.0000250.
The Adam and Eve setup contains a V-shaped valley followed by a rounding bottom. This technical formation forecasts a 38% upswing, obtained by measuring the valley’s depth and adding it to the breakout point at $0.0000329.
After more than three months of price action, Shiba Inu price is yet to reach the $0.0000329 neckline to complete the said pattern. After this, a daily candlestick close above the said barrier will indicate a breakout and kick-start a move to the target at $0.0000454.
While the theoretical aspects suggest that a move to $0.0000454 is likely, there is a good chance that this rally could extend to the $0.0000500 psychological level. In total, this move would constitute an 81% upswing at $0.0000454 and 100% at $0.0000500.
SHIB/USDT 1-day chart
While things are looking up for Shiba Inu price, the big crypto controls altcoins’ direction. If Bitcoin price nosedives, SHIB will follow suit. In such a case, a daily candlestick close below $0.0000211 will create a lower low and invalidate the bullish thesis. In such a case, SHIB might slide lower to explore a stable support level at $0.0000204.
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.
Recommended Content
Editors’ Picks
Ripple wipes out weekly gains, experts comment on role of Ripple stablecoin
Ripple declined to $0.52 on Thursday, erasing all gains registered earlier this week. Ripple SVP Eric van Miltenburg’s comments on the firm’s stablecoin, and how it is expected to benefit the XRP Ledger and native token XRP have raised concerns among crypto experts.
Hedera HBAR slips nearly 10% after air is cleared on mistaken link with giant BlackRock
HBAR price is down nearly 10% on Thursday, partly erasing gains inspired by the misinterpreted link with BlackRock. Despite the recent correction, Hedera’s price is up 44% in the past seven days.
The reason behind Bonk’s 105% rise and if you should buy now Premium
Bonk price has shot up 105% in the past five weeks. A retracement into $0.0000216 or the $0.0000152 to $0.0000186 imbalance would be a good buying opportunity. Patient investors can expect double-digit gains from BONK that could extend up to 70%.
Injective price weakness persists despite over 5.9 million INJ tokens burned
Injective price is trading with a bearish bias, stuck in the lower section of the market range. The bearish outlook abounds despite the network's deflationary efforts to pump the price. Coupled with broader market gloom, INJ token’s doomed days may not be over yet.
Bitcoin: BTC post-halving rally could be partially priced in Premium
Bitcoin (BTC) price briefly slipped below the $60,000 level for the last three days, attracting buyers in this area as the fourth BTC halving is due in a few hours. Is the halving priced in for Bitcoin? Or will the pioneer crypto note more gains in the coming days?