• Shiba Inu price action is unchanged on its Point and Figure chart.
  • A tight trading range over the past few weeks could be a sign of strength.
  • Downside risks exist but are very limited in scope and range.

Shiba Inu price has been stuck in a very, very constricted trading range over the past seven trading days, but throughout December, SHIBA formed a strong support zone and a new Volume Point Of Control – indicating a new uptrend may be imminent.

Shiba Inu price readies for launch and significant outperformance

Shiba Inu price, from an Ichimoku perspective, looks extremely bearish and should be pursuing new multiple-month lows – but it isn’t. Short-sellers have been unable or unwilling to push Shiba Inu into a central capitulation zone. Instead, participants have created a new and massive Volume Point Of Control at $0.000032.

SHIBA/USDT Daily Ichimoku Chart

The Volume Point Of Control in the volume profile is an equilibrium area. It is the price level where the most buying and selling has occurred. It is where bulls and bears have battled the most. It is a tipping point level and whichever direction Shiba Inu price eventually moves, those on the opposite side of the trade will get crushed.

On the $0.0000025/3-box reversal Point and Figure Chart, SHIBA is unchanged from the recent, prior analysis. The theoretical long entry remains a buy stop order at $0.0000375, a stop loss at $0.0000275, and a profit target at $0.0000775. The trade idea represents a 4:1 reward for the risk setup with an implied profit target of nearly 107% from the entry.

SHIBA/USDT $0.0000025/3-box Reversal Point and Figure Chart

The long trade idea is invalidated if Shiba Inu price drops below $0.0000200. Additional downside risks below $0.0000200, however, are probably limited to $0.0000150. 

 


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


Recommended Content

Editors’ Picks

Polygon joins forces with WSPN to expand stablecoin adoption

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.

More Cryptocurrencies News
Coinbase envisages listing of more meme coins amid regulatory optimism

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.

More Crypto News
Cardano's ADA leaps to 2.5-year high of 90 cents as whale holdings exceed $12B

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.

More Bitcoin News
Shiba Inu holders withdraw 1.67 trillion SHIB tokens from exchange

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.

More Shiba Inu News
Bitcoin: Rally expected to continue as BTC nears $100K

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. 

Read full analysis
Best Forex Brokers with Low Spreads

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.

Read More

BTC

ETH

XRP