Dogecoin-killer Shiba Inu holds critical support as SHIBA maintains a $0.0000775 target

  • Shiba Inu price maintained the same support structure as last month.
  • Despite the strong selling pressure over the past few weeks, Sheba is relatively unchanged.
  • great upside potential; Little chance of a drop.

Shiba Inu price has done well in the past 2 weeks. Yes, it has experienced some heavy selling pressure along with the rest of the cryptocurrency market, but the Sheba bulls so far have kept prices stable.

Shiba Inu price defends $0.0000300 value area, eyes return to breakout conditions

Shiba Inu price action on the reversal point chart and figure $0.0000025/3 squares mostly unchanged from the previous analysis. The theoretical setup of the buy trade on the Point and Figure chart that was first identified in early December 2021 is still active. For traders who missed entering, there is a chance to get in soon.

Theoretical buy trade of the Shiba Inu price has a Buy Stop at $0.0000375, Stop Loss at $0.0000275, and a Profit Target at $0.0000775. This trading idea is a 4:1 reward/risk setup with an implied profit of over 100% of the entry. A trailing stop loss of two to three boxes will protect any profit made after entry.

SHIBA / USDT 0.0000025 USD / Three Box Reversal Point & Figure Chart

The trade is based on the Point and Figure pattern known as Bullish Shakeout – a form of bear trap. However, a bullish vibration pattern is only valid when it appears at the bottom or beginning of a new uptrend that is part of a broader uptrend. Shiba Inu’s price action fulfills all of these requirements.

The theoretical long setup is invalidated if Shiba Inu price drops below $0.00002500 value area.