- Shiba Inu price continues to display a massively bullish trade reversal opportunity ahead.
- Bulls are likely salivating while anticipating a repeat of October’s price action.
- The anticipated profit target is just shy of the current all-time high.
Shiba Inu price has been consolidating since the December 5 flash-crash. Support is holding just above the 88.6% Fibonacci retracement at $0.00003200.
Shiba Inu price buying opportunity could see a greater than 100% gain
Shiba Inu price action has been a source of frustration for many hodlers and bulls who remain on the sidelines. But changes are developing. The Relative Strength Index on the daily chart has moved above the last oversold level in a bull market (40). Additionally, the Composite Index has crossed above both of its moving averages.
One of the most sought-after reversal patterns in Point and Figure Analysis is the Shakeout Pattern. Unfortunately, this pattern doesn’t show up often, and it is only valid if an instrument is already in a broader uptrend. The Bullish Fakeout Pattern forms after a long column of Os drops below a multiple bottom by at least two, but no more than three, Os.
SHIBA/USDT $0.0000025/3-box Reversal Point and Figure Chart
The hypothetical long setup for Shiba Inu price is a buy stop at the 3-box reversal ($0.00003750), the stop loss is a 4-box stop (currently at $0.0000270), and a profit target at $0.00007750. The profit target is derived from the Vertical Profit Target Method in Point and Figure Analysis. A trailing stop of two to three boxes would help protect any implied profits post entry.
There is no invalidation entry for Shiba Inu with this hypothetical long setup. If Shiba Inu continues to print more Os in the current column, the buy stop and stop loss shift lower in tandem with Shiba Inu’s drop.
Note: All information on this page is subject to change. The use of this website constitutes acceptance of our user agreement. Please read our privacy policy and legal disclaimer. Opinions expressed at FXstreet.com are those of the individual authors and do not necessarily represent the opinion of FXstreet.com or its management. Risk Disclosure: Trading foreign exchange on margin carries a high level of risk, and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to invest in foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading, and seek advice from an independent financial advisor if you have any doubts.
Recommended Content
Editors’ Picks
Polygon joins forces with WSPN to expand stablecoin adoption
WSPN, a stablecoin infrastructure company based in Singapore, has teamed up with Polygon Labs to make its stablecoin, WUSD, more useful in payment and decentralized finance.
Coinbase envisages listing of more meme coins amid regulatory optimism
Donald Trump's expected return to the White House creates excitement in the cryptocurrency sector, especially at Coinbase, the largest US-based crypto exchange. The platform is optimistic that the new administration will focus on regulatory clarity, which could lead to more token listings, including popular meme coins.
Cardano's ADA leaps to 2.5-year high of 90 cents as whale holdings exceed $12B
As Bitcoin (BTC) gets closer to the $100,000 mark for the first time — it crossed $99,000 earlier Friday — capital is rotating into alternative cryptocurrencies, creating a buzz in the broader crypto market.
Shiba Inu holders withdraw 1.67 trillion SHIB tokens from exchange
Shiba Inu trades slightly higher, around $0.000024, on Thursday after declining more than 5% the previous week. SHIB’s on-chain metrics project a bullish outlook as holders accumulate recent dips, and dormant wallets are on the move, all pointing to a recovery in the cards.
Bitcoin: Rally expected to continue as BTC nears $100K
Bitcoin (BTC) reached a new all-time high of $99,419, just inches away from the $100K milestone and has rallied over 9% so far this week. This bullish momentum was supported by the rising Bitcoin spot Exchange Traded Funds (ETF), which accounted for over $2.8 billion inflow until Thursday. BlackRock and Grayscale’s recent launch of the Bitcoin ETF options also fueled the rally this week.
Best Forex Brokers with Low Spreads
VERIFIED Low spreads are crucial for reducing trading costs. Explore top Forex brokers offering competitive spreads and high leverage. Compare options for EUR/USD, GBP/USD, USD/JPY, and Gold.