- Shiba Inu price coils in a consolidative manner that will likely resolve in a sharp rally.
- SHIB price trades above both the 8- and 21-day simple moving averages.
- Invalidation of the uptrend is a breach below $0.00000938.
Shiba Inu price presents a bullish trade setup with a conservative entry that equates to a 4-1 reward-to-risk ratio.
Shiba Inu price to the moon?
Shiba Inu price has been trading in a triangular fashion since the out-of-nowhere rally that occurred on the first day of summer 2021. The rally on June 21 pulled off a 68% increase in price, followed by the sideways profit-taking range the notorious dog coin finds itself entangled in.
Shiba Inu price experienced a brief rejection around $0.00001100 on July 5. Shortly after a steep retracement occurred and the bulls managed to hurdle over the 21-day simple moving average (SMA). SHIB price currently trades at $0.000001038, above both the 8- and 21-day SMAs, enabling analysts to believe that the triangular consolidation may soon resolve with an additional 70% bull rally in the coming days.
From a reward-to-risk perspective, being an early bull could provide a 5.75 to 1 setup targeting the $0.000001700 price level.
SHIB/USDT 4-Hour Chart
A more conservative approach will be to wait for a second attempt from the bulls to breach and definitively close above the newly established swing high at $0.00001100.
SHIB/USDT 4-Hour Chart
It is worth noting that both the early and the more conservative setup keeps an invalidation level below wave A of the triangle at $0.000001043. This conservative invalidation point is to avoid a smart money-induced liquidity hunt of the $0.00000950 swing low while maintaining the ability to participate in a sharp moving bull-run. Hearty risk-to-reward trade setups come every few months in the cryptocurrency market which could entice many traders to partake in the move to recoup losses from 2022’s bear market. Thus a breach of the $0.00001100 could trigger massive volatility.
Investors should keep in mind that, If the bears breach the $0.00000920, the uptrend thesis will not be entirely invalidated. However the breach would open the possibility of a sharper decline to $0.00000800, resulting in a 23% decrease from the current Shiba Inu price.
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
Is Altcoin Season here as Bitcoin reaches a new all-time high?
Bitcoin reaches a new all-time high of $98,384 on Thursday, with altcoins following the suit. Reports highlight that the recent surge in altcoins was fueled by the victory of crypto-friendly candidate Donal Trump in the US presidential election.
Shanghai court confirms legal recognition of crypto ownership
A Shanghai court has confirmed that owning digital assets, including Bitcoin, is legal under Chinese law. Judge Sun Jie of the Shanghai Songjiang People’s Court shared this opinion through the WeChat account of the Shanghai High People’s Court.
BTC hits an all-time high above $97,850, inches away from the $100K mark
Bitcoin hit a new all-time high of $97,852 on Thursday, and the technical outlook suggests a possible continuation of the rally to $100,000. BTC futures have surged past the $100,000 price mark on Deribit, and Lookonchain data shows whales are accumulating.
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: New high of $100K or correction to $78K?
Bitcoin surged to a new all-time high of $93,265 in the first half of the week, followed by a slight decline in the latter half. Reports highlight that Bitcoin’s current level is still not overvalued and could target levels above $100,000 in the coming weeks.
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.