Shiba Inu presents buy opportunity before SHIBA launches to $0.000100
|- Shiba Inu price continues to test the bear market trendline on its $0.0000025/3-box Point and Figure chart.
- A massive 75% spike higher is likely if Shiba Inu cracks above resistance.
- Until a bullish breakout occurs, Shiba Inu still has near-term bearish pressure.
Shiba Inu price continues to struggle with a return to the $0.0000650 value area. A return to $0.0000650 could prelude a massive breakout and bear trap. However, a rejection would likely initiate a sell-off.
Shiba Inu price faces final test and buy opportunity to push on to new all-time highs
Shiba Inu price is at a make-or-break level. To move higher, Shiba Inu must breakout above the bear market trendline (red diagonal line). However, there may be some initial difficulties. A return to $0.0000650 would create a double-top against the Volume Point of Control (red horizontal line) and the bear market angle. Therefore, initial rejection should be anticipated – and desired.
A breakout above the anticipated double-top would likely face immediate and long-term selling pressure. So instead, bulls should look for an initial pullback after the double-top is made then wait for a triple-top to develop. Waiting for a triple-top or split triple-top is essential to confirm that Shiba Inu price will push on to new all-time highs.
SHIBA/USDT $0.000025/3-box Point and Figure Chart
However, traders will want to observe if Shiba Inu price faces any rejection from moving to or above $0.0000650. Shiba Inu could see a resumption of the current selling pressure with price moving to previously reviewed lows. Traders will want to pay special attention to the $0.0000400 level as the Volume Profile becomes considerably thin, indicating effortless moves lower if Shiba Inu moves to that price zone.
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