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Jonathan Morgan
Independent Analyst
Shiba Inu price action has certainly faced its fair share of struggles. Despite the boring price action and bleak outlook, SHIBA is neither outperforming nor underperforming its peers.
Shiba Inu price is down nearly 78% from its all-time high. It is currently trading in the same tight range that it experienced in late January 2022 to February 2022. The extended 2021 to 2022 Volume Profile shows that the $0.000020 to $0.000024 value area is the single largest participation zone for SHIBA.
Gann analysis and Ichimoku Analysis show a high probability that a new and extended expansion move is imminent from a time cycle perspective. For example, Shiba Inu price is now on day 190 from its all-time high. This is important because in Gann analysis, the 180 -day Gann Cycle of the Inner Year (180 days to 198 days) is the second most powerful in the 360-day Inner Year Cycle. Gann wrote that if an instrument has been trending over 180 days, then a reversal in the trend is likely to occur.
From an Ichimoku perspective, the time cycle currently present is the Kumo Twist. Kumo Twists are events when Senkou Span A crosses above or below Senkou Span B. This is represented visually by the Ichimoku Cloud changing colors from red to green or green to red. The date of the Kumo Twist can often warn traders that a new swing low or swing high is likely to develop on or around that date.
SHIBA/USDT Daily Ichimoku Kinko Hyo Chart
The key breakout range for Shiba Inu price bulls is a daily close at or above $0.000026. In that scenario, SHIBA would complete an Ideal Bullish Ichimoku Breakout, positioning it for the next major bullish leg higher. The projected range that SHIBA would test as resistance is the 61.8% Fibonacci retracement at $0.00045.
Downside pressure, however, remains a major concern. The current price action, despite the time cycles, is overwhelmingly bearish. Therefore, if Shiba Inu price experiences several daily closes below the $0.000019 value area, it will likely trigger a massive flash crash due to the non-existent volume in the Volume Profile.
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.
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Shiba Inu (SHIB) price action is playing a famous song from the British band ‘The Clash,’ that most people probably know: “Should I stay or Should I go?”
Bitcoin price shows an ongoing consolidation as it hovers at the same level for the past six days with no signs of directional bias. A breakout from this tightening range could result in a bearish move that eyes a sweep of the sell-stop liquidity below recent lows.
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.
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