This new entry trigger could kick-start a 60% upswing for Shiba Inu price

Shiba Inu price set up a lower high after a 13% uptrend, suggesting a lack of bullish momentum.
The sidelined buyers have another chance to accumulate as the MRI hints at a minor downtrend.
A daily candlestick close below $0.0000157 will invalidate the bullish thesis for SHIB.

Shiba Inu price rallied after breaching its downtrend but seems to be without any enthusiasm. The uptrend failed to set up a higher high and is likely to retrace lower. Considering the incoming retracement, it will allow sidelined buyers another opportunity to accumulate before another explosive rally originates.

Shiba Inu price awaits volatility

Shiba Inu price was stuck trading under a declining trend line for more than a month. This price action was similar to the downtrend that extended from October 28, 2021, to February 8. The breakout from the larger downswing led to an explosive run-up, hinting that a similar breakout for the smaller downtrend could also trigger an exponential run.

So far, SHIB has breached the downtrend on March 18 but has failed to set up a higher high. While this development might seem bearish, it is not. The Momentum Reversal Indicator (MRI) has flashed a red ‘one’ sell signal, indicating that a one-to-four candlestick downtrend is likely.

If true, it will provide sidelined buyers an opportunity to accumulate Shiba Inu at a discounted price. A resurgence of buyers will allow Shiba Inu price to kick-start an explosive move to $0.0000283; clearing this will suggest that bulls could propel the meme coin to $0.0000392, bringing the total gain to nearly 60% from the current position - $0.0000247.

SHIB/USDT 1-day chart

Regardless of the bullish outlook for Shiba Inu price, a failure to move beyond $0.0000283 will indicate a weakness on buyers’ part and could lead to bears taking over.

A daily candlestick close below $0.0000157 will invalidate the bullish thesis for Shiba Inu price. This move will open the path for bears to crash SHIB by 15% before retesting the $0.0000135 support level.

Share: Cryptos feed

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.

If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.

FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.

The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.