Ads
Sarah Tran
Independent Analyst
Shiba Inu price continues to consolidate as it moves sideways following the tremendous bull run earlier this month. SHIB has presented a buying opportunity as it edges closer to a 20% rally following the emergence of a bullish technical pattern.
Shiba Inu price has formed an inverse head-and-shoulders pattern on the 4-hour chart. The prevailing technical pattern suggests a 20% breakout toward $0.00003543, the October 7 high, once SHIB surges above the neckline of the chart pattern at $0.00002946. Until the dog-themed token is able to slice above this one last obstacle, it may continue to trend sideways.
Adding credence to the bullish outlook is the break above the descending resistance trend line that formed since the swing high on October 7. However, before Shiba Inu price could reach the aforementioned optimistic target, there remain two major hurdles: the October 13 high and the October 11 high at $0.00003073 and $0.00003200, respectively.
Shiba Inu price appears to be also devising a symmetrical triangle pattern, with a measured 42% rally if SHIB makes a decisive move toward the upside. Although the token broke above the resistance trend line, it appears to be hovering around the topside trend line of the triangle pattern.
A spike in buy orders could see Shiba Inu price slice above the inverse head-and-shoulders neckline and eventually prepare for a 20% rally.
SHIB/USDT 4-hour chart
However, if SHIB suffers weakness and sees its momentum flip to the downside, Shiba Inu price could drop toward the prevailing chart pattern’s right shoulder, ruining the bullish outlook.
The first line of defense for Shiba Inu price is at the descending trend line, which coincides with the 21 four-hour Simple Moving Average (SMA) at $0.00002826. Additional support will emerge at the 50 four-hour SMA at $0.00002739, before dropping to the right shoulder’s low at $0.00002712. Should SHIB tumble below this level, the token would devastate bulls as the token falls back into the symmetrical triangle pattern, indicating further consolidation.
Additional selling pressure could see Shiba Inu price collapse toward the 100 four-hour SMA at $0.00002626, before descending further, tagging the ascending support trend line at $0.00002497.
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.
Tezos price has breached its ascending triangle consolidation, hinting at a bullish move. Investors can expect XTZ to rally 21% to $2.16 as bulls take over. A daily candlestick close below $1.67 will invalidate the bullish thesis.
AVAX price looks ready to trigger a run-up as it creates stable launching pads. This development comes after Avalanche bulls have managed to produce a string of higher lows and higher highs since June 19.
The Enterprise Protocol, a new standard infrastructure for building DAOs on Terra could be LUNA’s next move, according to sources close to the matter. Entropy Beacon recently went live on the Terra blockchain.
Mike McGlone of Bloomberg Intelligence is bullish on Bitcoin despite short-term charts. Analysts believe Bitcoin price has successfully retested its 200-day Moving Average as support, ready for a massive rally.
Bitcoin has overcome the 200-week SMA and 30-day EMA, denoting a major surge in bullish momentum. As a result, BTC could revisit anywhere from $25,000 to $30,000 soon. A daily candlestick close below 200 four-hour SMA at $21,117 will invalidate this bullish thesis.
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.
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 trade 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.
Opinions expressed at FXStreet are those of the individual authors and do not necessarily represent the opinion of FXStreet or its management. FXStreet has not verified the accuracy or basis-in-fact of any claim or statement made by any independent author: errors and Omissions may occur.Any opinions, news, research, analyses, prices or other information contained on this website, by FXStreet, its employees, partners or contributors, is provided as general market commentary and does not constitute investment advice. FXStreet will not accept liability for any loss or damage, including without limitation to, any loss of profit, which may arise directly or indirectly from use of or reliance on such information.
Ads
