- Shiba Inu price triggered a long entry, signaling further price increases.
- Considerable upside potential remains if SHIBA can maintain a daily close above the $0.000027 value area
- Downside risks are a concern but are close to being invalidated.
Shiba Inu price is about to trigger an event that has not been triggered since October 2021: an Ideal Bullish Ichimoku Breakout. When this bullish Ichimoku long entry appears, instruments often have long and sustained uptrends, something SHIBA has not seen in five months.
Shiba Inu price may explode higher towards $0.000040
Shiba Inu price action on the daily chart needs to close at or above $0.000027 to confirm an Ideal Bullish Ichimoku Breakout. Despite the selling pressure near and above $0.000030, bulls have maintained a stable value area near $0.00025 to $0.000027. A massive short squeeze could likely begin very soon.
SHIBA/USDT Daily Ichimoku Kinko Hyo Chart
A hypothetical long entry identified last week triggered at $0.000028 and continues to move higher. The stop loss for that long setup is $0.000024, and the profit target at $0.000040. The ideal setup now would be a pullback with a new O-column, which would promptly reverse again to print another X-column. The result would be the most bullish Point and Figure pattern in Point and Figure charting: the Bullish Catapult. In that scenario, the original profit target of $0.000040 would likely be extended by another 10% to 15%.
SHIBA/USDT $0.000001/3-box Reversal Point and Figure Chart
There is a theoretical short setup that remains valid for Shiba Inu price. The entry is a sell stop order at $0.000021, a stop loss at $0.000025, and a profit target at $0.000010. If triggered, the entry would not only confirm a Triple Bottom Breakout, but it would confirm a Bullish Fakeout setup. The short entry is invalidated if the current X-column moves to $0.000030.
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
Ripple on-chain metrics show bullish signs amidst legal struggle with SEC, XRP eyes recovery
![Ripple on-chain metrics show bullish signs amidst legal struggle with SEC, XRP eyes recovery](https://editorial.fxstreet.com/images/Markets/Currencies/Cryptocurrencies/Coins/Ripple/Ripple_Coin_31_02_XtraSmall.jpg)
Ripple made a comeback above $0.48 on Tuesday and hovers above that level in Wednesday’s European session. Ripple on-chain metrics such as transaction volume and Network Realized Profit/Loss have turned bullish, supporting a recovery in the altcoin.
Bitcoin price falls amidst German government transfers, miners activity
![Bitcoin price falls amidst German government transfers, miners activity](https://editorial.fxstreet.com/images/Markets/Currencies/Digital%20Currencies/Bitcoin/bit-coin-symbol-flag-3d-illustration-59931110_XtraSmall.jpg)
Bitcoin (BTC) extends correction on Wednesday and hovers around $61,000 after finding resistance near the $64,000 level on Monday. Recent on-chain data indicates heightened selling activity from Bitcoin miners early in the week.
Crypto Today: Bitcoin erases gains from end of June, Ethereum declines while Ripple holds
![Crypto Today: Bitcoin erases gains from end of June, Ethereum declines while Ripple holds](https://editorial.fxstreet.com/images/Markets/Currencies/Digital%20Currencies/Bitcoin/Bitcoin_2_XtraSmall.jpg)
Bitcoin wipes out gains from the last week of June and falls below $60,000 on Wednesday. Ethereum and top altcoins ranked by market capitalization erased gains as the inflation outlook worsened. Ripple holds on to recent gains and hovers above $0.48 on Wednesday.
Three reasons why altcoins could shake off losses this week
![Three reasons why altcoins could shake off losses this week](https://editorial.fxstreet.com/images/Markets/Currencies/Cryptocurrencies/cryptos_XtraSmall.jpg)
On-chain data from Santiment shows that altcoins are currently in the opportunity zone, or generating buy signals. The top three altcoins in the buy zone are Basic Attention Token (BAT), Chromia (CHR), and Highstreet (HIGH), per Santiment.
Bitcoin: BTC price correction could end in July, according to seasonal data
![Bitcoin: BTC price correction could end in July, according to seasonal data](https://editorial.fxstreet.com/images/Markets/Currencies/Digital%20Currencies/Bitcoin/bitcoin_5_XtraSmall.jpg)
Bitcoin (BTC) price appears poised for a decline this week, influenced by slight outflows in US spot ETFs, selling activity among BTC miners, and a combined transfer of 4,690.28 BTC to centralized exchanges by the US and German governments.