- SHIBA INU price has been coiling within a range for several weeks.
- SHIB has printed two consecutive inside bars on the 2-week chart.
- Traders should wait for more evidence of the next directional trend.
SHIBA INU price is forecasting a 30% move in the coming weeks. Following last week’s no-trade zone, the popular meme token has printed two consecutive inside week bars, within a 30% range.
SHIBA INU price action points to an imminent breakout
SHIBA INU Price on the 2-week Chart has printed consecutive inside bars on the two-week chart. Inside bars usually occur in low volatile market conditions and can terminate with very explosive rallies. It is worth noting that ranges within the inside bars can also project future price targets. The previous 2-week candle sets a range of 30% in either direction.
Traders may want to consider adopting a pending order-style trading plan as the future 30% price spike is currently unpredictable. A break below the two-week low at $0.00002120 is likely to send the Shiba Inu price 30% lower to the 61.8 Fibonacci level at $0.00001517.
On the contrary, a spike above the current two-week high at $0.00002247 could be the catalyst to send the SHIB price up 30% to challenge the other side of the previous 2-week candle at $0.00002861.
SHIB/USDT 2-Week Chart
SHIB price is likely to have a 30 percent change in price, but because the direction is unclear, the meme coin should be considered as a no-trade zone until further trend direction is clearer. An invalidation for trading the 2-week chart method would be to place a stop loss opposite the future breakout. For instance, bulls going long should aim for 30% above the current price towards $0.00002976 and the 38.2% Fib at $0.00002975 with an invalidation point being the previous two-week low at $0.00002120.
The bears should consider a 30 percent target below to land at $0.00001517, with an invalidation point being the previous 2-week high at 0.0002861
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
Celebrity meme coins controversy continues amid Pump.fun revenue dominance
Pump.fun outperformed the Ethereum blockchain on Tuesday after raking in $1.99 million. Following this achievement, a meme coin based on actress Sydney Sweeney was the subject of controversy after its developers dumped their bags on investors.
PEPE's on-chain metrics indicate potential rally after weeks of silence
PEPE has struggled to see any significant price move after reaching an all-time high in May. Increased adoption rate and low MVRV ratio indicate a bullish run may be on the horizon. A single PEPE outflow from Binance worth $14.7 million gives credence to signs of bullish expectation.
Ethereum has failed to overcome key resistance despite bullish sentiment surrounding ETH ETF
Ethereum (ETH) is down more than 1.4% on Tuesday following another ETH sale from the Ethereum Foundation. Meanwhile, crypto exchange Gemini's recent report reveals that ETH ETF could see about $5 billion in net inflows within six months of launch.
Crypto community blasts Polkadot following report of treasury spending
Polkadot reports $87 million of treasury spending during H1. Crypto community members expressed harsh feelings toward the DOT team's high spending. DOT is up more than 2% in the past 24 hours but risks correction following the report.
Bitcoin: BTC price correction could end in July, according to seasonal data
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.