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Shiba Inu attempts to breakout towards $0.0000750, SHIBA bulls look to resume uptrend


www.fxstreet.com 01 December 2021 07:44, UTC
Reading time: ~2 m

  • Shiba Inu price returns to a technical Point and Figure bull market.
  • Initial pullback expected before another push higher. 

  • 50% upswing expected upon confirmed bullish breakout.

Shiba Inu price has likely found a bottom and is likely to begin the next phase of a new upswing. A double-bottom was formed at $0.0000375 and it held as support.

Shiba Inu price spike over 15%, bulls attempt to maintain gains

Shiba Inu price has a good reason to be bullish. The most critical price confluence zone on the $0.0000025/3-box reversal Point and Figure chart is the intersection of the 2021 Volume Point Of Control (red horizontal line) and the dominant bear market angle (red diagonal line) at $0.0000050. Since hitting and poking above that angle, Shiba Inu has converted into a dominant bull market.

Note: In Point and Figure Analysis, price action is always in a bull market or bear market. Bull and bear markets can switch very frequently. 

Traders should expect Shiba Inu price to pullback anywhere between $0.0000450 to $0.0000425 to hold as support before re-entering long. If the new bull market trend line (green diagonal line) holds as support, then a swift trip to $0.000075 is next. 

SHIBA/USDT $0.0000025/3-box Reversal Point and Figure Chart

However, traders should be cautious of the current setup. If Shiba Inu price were to fall below the new bull market angle and form a triple bottom at $0.0000375, SHIB could be in some serious trouble. Conversely, a move lower to $0.0000350 would confirm the break of a triple-bottom and fulfill the requirements of a Bullish Fakeout pattern. Shiba Inu could move as low as $0.0000100 if that were to occur. 

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