Breakout Confirmed: Shiba Inu Targets 45% Price Explosion, Says Crypto Analyst
2024年7月17日 - 4:30AM
NEWSBTC
The anonymous crypto analyst pullbacksignal has published a
technical analysis of Shiba Inu (SHIB) via TradingView, which
attests to the cryptocurrency a strong upside potential. In the
4-hour chart against Tether (USDT), the Shiba Inu price has formed
an inverse head and shoulders pattern, traditionally recognized as
a bullish reversal signal following a downtrend. Shiba Inu Price
Eyes 45% Rally The inverse head and shoulders pattern is marked by
three troughs with the middle trough (head) deeper than the
flanking ones (shoulders), and it is the opposite of the
traditional head and shoulders bearish pattern. The shoulders are
ideally of equal depth, and the head is a clear dip below the
shoulders. A key feature of this pattern is the ‘neckline,’ a
resistance line drawn by connecting the high points of the two
troughs forming the shoulders. A decisive breakout above this
neckline is generally perceived as a confirmation of the pattern
and signals the start of a potential bullish trend. Related
Reading: Forbes Says Shiba Inu Price Will Rise 1,700% To Reach
$0.0003 ATH, Here’s When In his chart, the crypto analyst
highlights this breakout signal. The neckline, drawn in red, has
been breached on Saturday, July 13, with a closing price above this
line, signaling bullish momentum. The left shoulder and right
shoulder are aligned at approximately $0.000016, framing the head
which dips below $0.000013. This dip, followed by a rebound to the
second shoulder, completes the formation and sets the stage for
potential upward movement. Notably, the crypto analyst identifies
three potential targets post-breakout which investors might aim
for. The first target is at $0.0000209, representing an initial
resistance level past the breakout point. The second target lies at
$0.0000239 and could serve as a mid-term goal for the price
following the breach. The ultimate target at $0.0000285 reflects
the full potential of the breakout, equating to an approximate 45%
increase from the neckline breakout level. Related Reading: Shiba
Inu Sees Sharp 100% Decline In Whale Activity, Is This Good Or Bad
For Price? Moreover, an important element in the chart is the
ascending blue trendline. This line, starting from the base of the
head and moving upward through the formation of the right shoulder,
underpins the bullish sentiment, illustrated by a rising support
level. This trendline not only confirms the higher lows, which
align with the bullish reversal pattern, but also serves as a
dynamic support that can guide trading decisions. A bounce off this
trendline could offer additional buying opportunities, reinforcing
confidence in the continuation of the uptrend. For traders looking
to capitalize on this setup, it is essential to manage risk. The
analysis suggests a stop loss at $0.0000140. Furthermore, the
pullback level marked at $0.0000150 is highlighted as a crucial
support area. If the entire market is about to see another major
correction, this price could serve as the ultimate “buy-the-dip”
level. At press time, SHIB traded at $0.00001925. Featured image
created with DALL·E, chart from TradingView.com
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