Shiba Inu price is in a make or break situation. These are the factors to keep in mind.
Analysts are watching the Shiba Inu price closely this weekend. If The triangular consolidation is accurate, a 30% bull rally will commence for the notorious dog coin. On the contrary, deceiving triangle patterns are often smart money traps to reduce traders' opportunity costs. In some cases, they can cause massive liquidations.
Shiba Inu price currently trades at $0.00001197. The fact that the SHIB price has not yet rallied impulsively on smaller time frames from the triangle breakout is the first anomaly to provoke concern. Additionally, according to the Relative Strength Index, the self-proclaimed DOGE killer is far from bullish on larger time frames.
SHIB/USDT 3-Day Chart
Thus traders who may have already bought the Shiba Inu false breakout into the high at $0.00001320 will enjoy exceptional returns for their early bullish entry or could endure more congestion and potentially sell-offs over the weekend. Bearish targets are $0.00000976 and possibly $0.00000750 for up to a 35% decline from Shiba Inu's current market value.
Invalidation of the bearish outlook to provoke the next bull run is a breach above $0.00001320. If the invalidation level is tagged, bears should immediately release their shorts and join the bulls as a rally towards $0.00001580 will be the first target. Extended targets are in the $0.00001750 zone for up to a 50% increase from the current Shiba Inu price.
In the following video, our analysts deep dive into the price action of Shiba Inu, analyzing key levels of interest in the market. -FXStreet Team
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Dogecoin price is drifting slowly down to a stable support floor that could potentially provide a reversal point and the start of a new uptrend.
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