Jonathan Morgan
Independent Analyst
- 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.
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