Shiba Inu (SHIB) The price has been fluctuating in the last few days and this move is developing to support the idea of a triangle formation. On the other hand, SHIB traders should beware of price deceptions and follow the price closely to make a profit.
Shiba Inu Price May Fool Investors
SHIB price has exhibited quite volatile and meaningless price movements over the past few weeks. A closer examination of the technical details reveals a complex WXYXZ pattern has formed on the 4-hour chart. If this model is correct, Shiba Inu price It could be forming a triangle known as the Z wave and prices could record a decline before rising. Traders can set buy limits of $0.0000220 in hopes of catching the falling blade in the future.
Shiba Inu price is also pointing towards more corrective waves that will appear on the volume profile indicator. Despite the massive increase in volume on April 12, SHIB failed to close above the previous rally at $0.00002963. In the notorious Dogecoin competitor, there may be many trapped longs supporting the idea of a capitulation. A future scan of the lows could be a profitable opportunity for traders with set buy limits and alerts.
A break below the $0.0002120 level is needed to invalidate the Shiba Inu Bullish scenario. If the bears can break this level, the whole scenario mentioned above will be invalid. Bears taking control could trigger a pullback to the $0.0000700 levels, which is 30% from the current price.
Do you think the meme coin Shiba Inu, also known as the Dogecoin killer, will meet all expectations and reach the $1 price target, albeit with a fluctuating price movement? Despite the momentum created by the Shibarium project, it seems that SHIB still has a long way to go.
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.