Shiba Inu Price Prediction: This new scenario could solve the equation
- Shiba Inu price continues to ricochet back and forth, causing confusion amongst day traders.
- SHIB price has an alternative count in the cards based on newfound technicals.
- Multiple trade setups can be forecasted when reviewing this thesis properly. Traders should beware of the multiple scenarios at play.
Shiba Inu price has yet to validate either side, the bullish and bearish forecasts mentioned in previous outlooks. An alternative count can justifiably be made based on the newfound technicals.
Shiba Inu Price Prediction: A 17% Rally then plummet?
Shiba Inu price had been coiling in a very bullish triangular consolidation this summer. Bullish targets were expected to reach $0.00001700.
Shiba Inu’s failure to display bullish price action prompted ideas of a smart money trap in play. During mid-July, a bearish forecast was issued targeting the $0.00000975 liquidity level.
Shiba Ultimate Bear Trap Thesis
Shiba Inu price fell 27% amidst the most recent bearish forecast issued last week to a low at $0.00001033. The notorious dog coin fell 5% short of reaching the targeted $0.00000975 liquidy level and has since retraced nearly 80% of the forecasted decline back above the initial triangular trendline. The price is inducing justifiable confusion amongst crypto traders.
SHIB/USDT 4-Hour Chart
Shiba Inu price has smart money written all over it
A new scenario is now on the cards, which targets new highs at $0.000014000. A breach above $0.00001270 should be the catalyst to induce such a move. However, traders should be careful as a liquidity hunt could begin promptly after the new summer highs are accomplished with bearish targets in the $0.00000770 levels.
It is also worth noting that a breach below $0.00001100 could induce a sell off towards the $0.00000970 levels in the short term though the technicals do suggest higher targets could occur first.
SHIB/USDT Sell-Off Catalyst
Thus, multiple trade setups can be forecasted when reviewing this thesis properly. Traders should beware of the multiple scenarios at play.
In the following video, our analysts deep dive into the price action of Shiba Inu, analyzing key levels of interest in the market. -FXStreet Team
Author
Tony M.
FXStreet Contributor
Tony Montpeirous began investing in cryptocurrencies in 2017. His trading style incorporates Elliot Wave, Auction Market Theory, Fibonacci and price action as the cornerstone of his technical analysis.
