- Shiba Inu hits an entry zone that triggered a 29% rally on Sunday.
- New three-week high achieved.
- Bullish continuation is likely with some resistance along the way expected.
Shiba Inu price produced a pleasant surprise for bulls on Sunday, with a surprising – but not unexpected rally. As a result, bulls could push SHIBA above the key $0.000025 value area and look to continue that push higher.
Shiba Inu price targets a 100% rally
Shiba Inu price completed the most bullish and optimistic close in over 100 days. Bulls were able to push SHIBA as much as 25% higher, totally engulfing the entire price range of the past twenty days.
A previously identified, hypothetical buy stop entry occurred at $0.000022 and is currently trading above that level and moving higher. The projected target zone is above the $0.000050 value area but will likely face pressure soon.
SHIBA/USDT $0.000002/3-box Reversal Point and Figure Chart
The bottom of the Cloud (Senkou Span A) is the next resistance zone for Shiba Inu price – but a sell-off is not a foregone conclusion. If bulls can close SHIBA at or above the $0.000031 to $0.000032 value area, then the Chikou Span will be above the candlesticks and in open-space, a condition necessary for an Ideal Bullish Ichimoku Breakout entry.
SHIBA/USDT Daily Ichimoku Kinko Hyo Chart
Above $0.000031, the next and final resistance for Shiba Inu price on the daily Ichimoku chart is the top of the Cloud (Senkou Span B) at $0.000040. Therefore, traders should expect a significant amount of resistance at that level.
The bottom of the Ichimoku Cloud has not been tested since November 30, 2021, and the top of the Ichimoku Cloud has not been tested since November 22, 2021.
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
US presidential election outcome could shape the future of crypto
US citizens will go to the polls to elect a new president on November 5, and their choice could be key for the future of the crypto industry and thus the price outlook for Bitcoin (BTC).
Bitcoin Price Forecast: BTC recovers as Donald Trump takes lead on polls
Bitcoin (BTC) slightly recovered to around $68,800 on Tuesday, following a shift in the United States presidential race that saw former President Donald Trump regain the lead, after US spot Bitcoin ETFs experienced an outflow of over $540 million on Monday.
Crypto markets brace for volatility in tight race between Trump and Harris
The US presidential election is one of the most significant events in the world. Due to the influence of the country’s political decisions, policies, and economic approaches, it can significantly impact crypto and global markets.
Trump-inspired memecoin MAGA shows bullish on-chain metrics ahead of US elections
MAGA (TRUMP) trades slightly down to around $3.4 on Tuesday after rallying more than 20% since Sunday. The former President Donald Trump-based memecoin is poised for further gains as daily active addresses and network growth metrics rise, signaling increased network usage and adoption
Bitcoin: New all-time high at $78,900 looks feasible
Bitcoin price declines over 2% this week, but the bounce from a key technical level on the weekly chart signals chances of hitting a new all-time high in the short term. US spot Bitcoin ETFs posted $596 million in inflows until Thursday despite the increased profit-taking activity.
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.