Why all eyes are on the Shiba Inu price this weekend pt.2


  • Shiba Inu price points to one more sharp ascension. A weekend rally could occur.
  • SHIB price has an alternative bullish count in the cards based on newfound technicals.
  • Multiple trade setups can still be forecasted when reviewing this thesis properly. Traders should beware of the multiple scenarios at play over the weekend.

Shiba Inu is due for an explosive move. The technicals suggest a sharp move targeting $0.00001400 could occur followed by a steep decline.

Shiba Inu Price could get volatile.

Shiba Inu price shows subtle signs to validate a recently established bullish count. The new found higher high at $0.00001217 could be early evidence of a commmencing price hike towards $0.000014000. Traders should begin setting alerts and forecastiong a trading plan as the SHIBA price coiuld witness extreme volatility likely to induce a FOMO-style price chase. A second attempt at the $0.00001220 level could be the catalyst bullish traders are looking for. Invallidation of the sudden bullish rally would be a break below $0.00001100.

tm/shib/8/5/22

Shiba Inu Recap

Shiba Inu price had been coiling in a very bullish triangular consolidation this summer.  Bullish targets were expected to reach $0.00001700. 

tm/shiih/8/1/22

Shiba Triangle Thesis 

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.

tm/shib.7/1922

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.

tm/shib/8/1/22

SHIB/USDT 4-Hour Chart

Shiba Inu price is due for a move

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.

tm/shib/8/1/22

SHIB/USDT 4-Hour Chart

 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.

 tm/shib/8;1/22.2 pt.2

SHIB/USDT Sell-Off Catalyst

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

 


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.

Recommended content


Recommended Content

Editors’ Picks

US presidential election outcome could shape the future of crypto

US presidential election outcome could shape the future of crypto

US citizens will go to the polls to elect a new president on November 5, and their choice could be key for the future of the crypto industry and thus the price outlook for Bitcoin (BTC).

More Cryptocurrencies News
Bitcoin Price Forecast: BTC recovers as Donald Trump takes lead on polls

Bitcoin Price Forecast: BTC recovers as Donald Trump takes lead on polls

Bitcoin (BTC) slightly recovered to around $68,800 on Tuesday, following a shift in the United States presidential race that saw former President Donald Trump regain the lead, after US spot Bitcoin ETFs experienced an outflow of over $540 million on Monday.

More Bitcoin News
Crypto markets brace for volatility in tight race between Trump and Harris

Crypto markets brace for volatility in tight race between Trump and Harris

The US presidential election is one of the most significant events in the world. Due to the influence of the country’s political decisions, policies, and economic approaches, it can significantly impact crypto and global markets. 

More Cryptocurrencies News
Trump-inspired memecoin MAGA shows bullish on-chain metrics ahead of US elections

Trump-inspired memecoin MAGA shows bullish on-chain metrics ahead of US elections

MAGA (TRUMP) trades slightly down to around $3.4 on Tuesday after rallying more than 20% since Sunday. The former President Donald Trump-based memecoin is poised for further gains as daily active addresses and network growth metrics rise, signaling increased network usage and adoption

More Cryptocurrencies News
Bitcoin: New all-time high at $78,900 looks feasible

Bitcoin: New all-time high at $78,900 looks feasible

Bitcoin price declines over 2% this week, but the bounce from a key technical level on the weekly chart signals chances of hitting a new all-time high in the short term. US spot Bitcoin ETFs posted $596 million in inflows until Thursday despite the increased profit-taking activity.

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