• Shiba Inu price has spent ten days consolidating inside a triangle pattern.
  • Extremely choppy and indecisive price action makes short-term speculation difficult, and bulls and bears are trading in a painful market condition.
  • Indecision is likely to end soon as Shibu Inu approaches a breakout zone ahead.

Shibu Inu price continues to contract and cause frustration for bulls and bears. However, Shibu Inu is trading near the apex of the triangle pattern it is currently inside. Therefore, a breakout lower is likely to occur very soon.

Shibu Inu price could drop to $0.000006; a bearish breakout from the triangle is necessary for further downside pressure

Shibu Inu is presently trading inside the very end of a triangle pattern. Typically, breakouts from any pennant or triangle pattern occur within the last 1/3rd of the triangle. However, Shibu Inu is trading near the pattern's apex and has one more day before it will slide out of the pattern due to time and not price.

The final condition required for a -20% drop for Dogecoin killer Shibu Inu price is likely the Chikou Span in the Ichimoku Kinko Hyo system. The Chikou Span is currently inside the Cloud and trading inside the body of a candlestick. For a clear bearish breakout to occur, the Chikou Span would need to close below the candlesticks and the Cloud. The price level for this change would be around the $0.0000069 level.

SHIB/USD Daily Ichimoku Chart

However, given the constricted nature of Shibu Inu price, it will not take much for buyers to take control of the market. A close of Shibu Inu price at or above $0.000008 would create sufficient conditions for an Ideal Ichimoku Bullish Breakout pattern to occur. At $0.000008, Shibu Inu price would be above the Cloud, Tenkan-Sen and Kijun-Sen, while the Chikou Span would be above the candlesticks and the Cloud. Substantial increases in Shibu Inu value would be likely if the Ideal Ichimoku Breakout pattern were to develop.


Like this article? Help us with some feedback by answering this survey:


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


Recommended Content

Editors’ Picks

Is Altcoin Season here as Bitcoin reaches a new all-time high?

Is Altcoin Season here as Bitcoin reaches a new all-time high?

Bitcoin reaches a new all-time high of $98,384 on Thursday, with altcoins following the suit. Reports highlight that the recent surge in altcoins was fueled by the victory of crypto-friendly candidate Donal Trump in the US presidential election.

More Altcoin News
Shanghai court confirms legal recognition of crypto ownership

Shanghai court confirms legal recognition of crypto ownership

A Shanghai court has confirmed that owning digital assets, including Bitcoin, is legal under Chinese law. Judge Sun Jie of the Shanghai Songjiang People’s Court shared this opinion through the WeChat account of the Shanghai High People’s Court.

More Cryptocurrencies News
BTC hits an all-time high above $97,850, inches away from the $100K mark

BTC hits an all-time high above $97,850, inches away from the $100K mark

Bitcoin hit a new all-time high of $97,852 on Thursday, and the technical outlook suggests a possible continuation of the rally to $100,000. BTC futures have surged past the $100,000 price mark on Deribit, and Lookonchain data shows whales are accumulating.

More Bitcoin News
Shiba Inu holders withdraw 1.67 trillion SHIB tokens from exchange

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.

More Shiba Inu News
Bitcoin: New high of $100K or correction to $78K?

Bitcoin: New high of $100K or correction to $78K?

Bitcoin surged to a new all-time high of $93,265 in the first half of the week, followed by a slight decline in the latter half. Reports highlight that Bitcoin’s current level is still not overvalued and could target levels above $100,000 in the coming weeks.

Read full analysis
Best Forex Brokers with Low Spreads

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.

Read More

BTC

ETH

XRP