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Shiba Inu price fools traders on both sides amidst Robinhood listing. SHIB price is likely to experience choppy range-bound price action in the coming weeks.
Shiba Inu price erratic behavior following the Robinhood listing has forced analysts to revise their outlook on the popular meme coin. The SHIB price invalidated last week’s bullish count today by tagging lows at $0.0002262 before running back up 30% to snag liquidity in the upper levels at $0.00002740. Such volatile behavior with a lack of distinguishable chart patterns spells for a long-term range being put in play.
From a macro perspective, Shiba Inu price is in a long-term consolidation following the massive $1,000% rally in 2021. The volatile price fluctuations could be market makers’ attempt to entice traders to open a position on the digital asset. However, the volume profile has insufficient evidence to project a directional bias. The Relative Strength Index also displays a lack of confluence for the trend in either direction.
Traders should wait for more evidence from the 2-day and weekly charts to depict when the B wave of the forming triangle is finished. Because C waves within triangles are generally complex and time-consuming, analysts have deemed the SHIB price as range bound and unfavorable until further notice.
SHIB/USDT 2-Day Chart
Invalidation of the no-trade zone will be a bearish engulfing candle closing under $0.00002125. If this were to occur, analysts would look to short Shiba Inu price to $0.00001250, resulting in a 60% dip from the current price.
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Shiba Inu price is on the frontline of ushering in the weekend with a daily bullish candle alongside other crypto assets such as Solana, Binance Coin and Polkadot.
Cardano price is ready to rally after triggering the same pattern for the fourth time in the last two months. This development could provide buyers and traders with a quick and easy setup to capitalize on.
Solana price firmly held to slightly higher support to curb declines witnessed this week compared to July’s primary anchor at $35.00. The smart contracts token suffered a significant hack attack early Wednesday.
Bitcoin price shows an interesting setup that could reveal its next move. On closer inspection, its technicals support a bearish outlook for the leading crypto.
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