Shiba Inu (SHIB) Pretty marginal movements over the past week and these movements resulted in a drop in price. However, the lower part of the Ichimoku Cloud (Senkou Span AB) acted as a strong support zone and prevented further selling.
Shiba Inu Might Be Getting Ready for Ascension!
SHIB price seems to have formed a bullish structure at the current levels where it has been trading recently. All the necessary conditions for realizing the ideal bull Ichimoku breakout are almost ready, but there is one remaining condition.
bulls SHIB priceIf it can push the coin to a close at $0.000029 to $0.000030 or above, this pattern will be complete and likely extend SHIB’s run towards the $0.000054 value area. However, an earlier entry currently appears in the Point and Shape Table.
The hypothetical long entry for the Shiba Inu price is a buy stop order on a three-box reversal of Xs that will form from the current O column. At the time of publication, this entry would have been for $0.000028. The stop loss is a four box stop and the profit target is set at $0.000454. The transaction represents a 4.33:1 reward for the risk setup. A two to three box end stop will help protect any profits made after entry.
In addition, as the SHIB price continues to decline, entry and stop-loss orders will follow, but the profit target will remain the same. Before the input is triggered meme coin The idea of long trading will be void if the price drops to $0.000014 or below.
However, downside risks remain a significant and imminent concern.
If the Shiba Inu price closes at or below $0.0000217, the Ideal Bearish Ichimoku Breakout will occur. In this scenario, a renewed downtrend will start for SHIB. Therefore, bulls need to keep the Shiba Inu within the daily Ichimoku Cloud at least at daily closes.
Disclaimer: What is written here is not investment advice. Cryptocurrency investments are high-risk investments. Every investment decision is under the individual’s own responsibility. Finally, KoinFinans and the author of this content cannot be held responsible for personal investment decisions.