Shiba Inu price at inflection point, hints at 25% upside
|- Shiba Inu price nears the edge of breakout after five weeks of a downtrend.
- A flip of the declining resistance barrier at $0.0000223 could trigger a 25% gain to $0.0000283.
- A daily candlestick close below $0.0000158 will invalidate the bullish thesis for SHIB.
Shiba Inu price has been on a downtrend for quite some time and shows no signs of volatility or hint at a reversal. However, these things might change soon as SHIB is at an inflection point.
Shiba Inu price builds a launchpad
Shiba Inu price dropped 37% after rallying 75%. This uptrend followed by a slow decline took place from early February to March 19. Interestingly, the rally was preceded by a tight consolidation range and the retracement also seems to be creating a similar origin point, suggesting that an explosive move is likely.
Over the past five weeks, SHIB bulls have been getting hammered by a declining trend line connecting the swing highs. As Shiba Inu price trades at $0.0000223, there is a good chance an uptrend could trigger if the bulls shatter through the declining trend line. However, an ideal scenario would include market makers pushing SHIB below the $0.0000202 support level to collect liquidity before heading higher.
Regardless of where the uptrend originates, investors can expect SHIB to make a run for the immediate resistance barrier at $0.0000283. From the current position, this move would constitute a 25% ascent but from $0.0000202 it would represent a 40% gain.
SHIB/USDT 1-day chart
While Shiba Inu price looks ready for a move higher, the market makers could delay the rally. A decisive close below $0.0000202 will indicate that a further down move is likely. In such a case, the buyers have another chance at a comeback around the nine-hour demand zone, extending from $0.0000158 to $0.0000193.
However, a daily candlestick close below $0.0000158 will invalidate the bullish thesis for SHIB.
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.