- Shiba Inu price action shows surprising resiliency as major cryptos show bigger losses.
- SHIBA remains extremely bearish on the Ichimoku Chart, but the Point and Figure chart shows a bullish reversal in progress.
- Downside risks remain extensive if support fails to hold.
Shiba Inu price continues to trade lower but has stabilized relative to the rest of the cryptocurrency market. While the Ichimoku chart shows extremely bearish trading conditions, sellers have been unable or unwilling to capitalize on that weakness.
Shiba Inu price holds the $0.000022 support zone and prepares for a likely bullish extension move
Shiba Inu price action, from an Ichimoku perspective, is extremely bearish. SHIBA recently confirmed an Ideal Bearish Ichimoku Breakout last Friday (March 4, 2022) and has since traded lower, but not extensively. It is currently just above a prior resistance zone turned support at a $0.000022 value area.
$0.000022 is the primary support structure for Shiba Inu price before it would fall, and retest the lows of the January – February range in the $0.000020 price range. Below that, the Volume Profile is nearly empty, suggesting a swift move to the next high Volume Node, which doesn’t appear until 0.000008. While a move to that low is unlikely, it remains probable.
SHIBA/USDT Daily Ichimoku Kinko Hyo Chart
While the daily Ichimoku chart points to a bearish continuation as the most likely direction for Shiba Inu price, the Point and Figure chart show a different setup. The hypothetical long entry from several weeks ago remains valid.
The hypothetical long entry for Shiba Inu price was a buy stop order on the three-box reversal of Xs that formed off the previous O-column. That entry was triggered at $0.00002800. The entry is still valid. The stop loss is at $0.00001200, and the profit target is $0.00004540. The trade represents a 4.33:1 reward for the risk setup. A trailing stop of two to three boxes would help protect any profit made post entry.
SHIBA/USDT $0.0000025/3-box Reversal Point and Figure Chart
The long trade idea is invalidated if Shiba Inu price falls to $0.000014 or lower before the entry is triggered. However, if SHIBA continues to move lower, the entry and stop-loss move in tandem – but the profit target remains the same.
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
Polygon joins forces with WSPN to expand stablecoin adoption
WSPN, a stablecoin infrastructure company based in Singapore, has teamed up with Polygon Labs to make its stablecoin, WUSD, more useful in payment and decentralized finance.
Coinbase envisages listing of more meme coins amid regulatory optimism
Donald Trump's expected return to the White House creates excitement in the cryptocurrency sector, especially at Coinbase, the largest US-based crypto exchange. The platform is optimistic that the new administration will focus on regulatory clarity, which could lead to more token listings, including popular meme coins.
Cardano's ADA leaps to 2.5-year high of 90 cents as whale holdings exceed $12B
As Bitcoin (BTC) gets closer to the $100,000 mark for the first time — it crossed $99,000 earlier Friday — capital is rotating into alternative cryptocurrencies, creating a buzz in the broader crypto market.
Shiba Inu holders withdraw 1.67 trillion SHIB tokens from exchange
Shiba Inu trades slightly higher, around $0.000024, on Thursday after declining more than 5% the previous week. SHIB’s on-chain metrics project a bullish outlook as holders accumulate recent dips, and dormant wallets are on the move, all pointing to a recovery in the cards.
Bitcoin: Rally expected to continue as BTC nears $100K
Bitcoin (BTC) reached a new all-time high of $99,419, just inches away from the $100K milestone and has rallied over 9% so far this week. This bullish momentum was supported by the rising Bitcoin spot Exchange Traded Funds (ETF), which accounted for over $2.8 billion inflow until Thursday. BlackRock and Grayscale’s recent launch of the Bitcoin ETF options also fueled the rally this week.
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.