- The Shiba Inu Prize has stuck to the same support structure for the past month.
- Despite solid sales pressure in recent weeks, SHIBA is relatively unchanged.
- The upside is substantial; Downside potential is minimal.
The price of Shiba Inu has done very well over the past two weeks. Yes, it has been under heavy selling pressure along with the rest of the cryptocurrency market, but SHIBA bulls have kept prices stable so far.
Shiba Inu price defends the $ 0.0000300 value area, eyes return to breakout conditions
Shiba Inu price action on the point-and-figure chart for the reversal of $ 0.0000025 / 3-box is largely unchanged from the previous analysis. A theoretical long trade setup on the point-and-figure chart, which was first identified in early December 2021, remains active. Traders who missed the entry will have the opportunity to enter soon.
The theoretical long trade for the Shiba Inu price is a buy stop order at $ 0.0000375, a stop loss at $ 0.0000275, and a profit target at $ 0.0000775. This trading idea represents a 4: 1 profit / risk setup with an implicit profit of over 100% from the entry. A trailing stop with two to three boxes would protect any profit made after the entry.
SHIBA / USDT $ 0.0000025 / 3 box reversal point and number chart
Trading is based on a point-and-figure pattern known as a bullish shakeout – a shape of a bear trap. However, the bullish shakeout pattern is only valid if it occurs at the bottom or at the beginning of a new uptrend that is part of a broader uptrend. Shiba Inu’s price promotion fulfills all of these requirements.
Theoretical long trade setup will be void if the Shiba Inu price drops below the $ 0.00002500 value range.
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