SHIB could fake out traders once again before making more gains
- Shiba Inu price is experiencing erratic choppy behavior.
- SHIB price new volume spike is mischievously misleading.
- Invalidation of the bullish scenario would be a break below $0.00002120.
Shiba Inu price choppy price action supports the idea of a triangle formation. Traders should keep an eye on the digital meme coin for profitable opportunities.
Shiba Inu price could fake out traders once more.
Shiba Inu price has had very choppy and unexplainable price action in the last few weeks. Diving deeper into the technicals, there appears to be a complex WXYXZ pattern forming on the 4-hour chart. If this pattern is correct, the Shiba Inu price could be forming a triangle as wave Z and has one more discount to give out before prices ascend. Traders should set buy limits in the $0.0000220 in hopes of catching the future falling knife.
Shiba Inu price signals more corrective waves to unfold on the volume profile indicator. Despite the massive uptick in volume on April 12th, SHIB failed to close above the previous swing high at $0.00002963. There could be many trapped longs in the infamous Dogecoin rival, which backs the idea of one more capitulation. A future sweep of the lows could be a profitable opportunity for traders with buy limits and alerts set.
SHIB/USDT 4-Hour Chart
Invalidation of the bullish trade setup will be a break below $0.00002120. The entire up-trend scenario will be void if the bears push through this level. Price could then fall to $0.0000700, resulting in a 30% dip from the current Shiba Inu price.
Author
FXStreet Team
FXStreet
