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Home Crypto

Shiba Inu price may provide a once-in-a-bear-market opportunity

LiveBetPro by LiveBetPro
August 31, 2022
in Crypto
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(Akash Girimath – FXStreet)

– Shiba Inu price shows a bounce off the point of control (POC) at $0.0000118.

– A daily candlestick close below this level could trigger a 13% to 28% downswing.

– A bounce off $0.0000087 or $0.0000083 could trigger a 105% upswing in SHIB.

Shiba Inu price hovers around a stable support level formed over the last three months. A breakdown of this barrier could trigger a steep correction that could provide one of the best trading opportunities in this bear market. 

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Shiba Inu price at inflection point again

Shiba Inu price is currently grappling with a key support level provided by the POC at $0.0000118, which is the highest traded volume level since April 11. This level has been helpful in triggering run-ups for SHIB since July 29.

The most recent bounce led to a 53% ascent, creating a double top at $0.0000180. Since then, Shiba Inu price has undone the gains and is back at the POC, looking for a refill.

While this resurgence of buyers might arrive and trigger a quick run-up, investors need to think about the long game and big gains. For this outlook, market participants should be comfortable in tolerating a breakdown of the POC at $0.0000118 and a decline of 9% to retest the immediate support level at $0.0000106.

In some cases, SHIB could stoop as low as $0.0000083 to fill the imbalance at these levels. Assuming Shiba Inu price does this and then recovers above the weekly support level at $0.0000087, investors can expect this development to trigger a massive run-up.

A 104% rally is potentially predicted that will allow SHIB price to sweep the equal lows formed at $0.0000180. Therefore, only patient buyers will have the chance to get on this train and ride it to the destination.

SHIBUSDT

While the bullish outlook does look promising, the correction to $0.0000087 might be cut short at the $0.0000106 support level. In this case, Shiba Inu price may rally only 68%. 

However, if SHIB produces a daily candlestick close below $0.0000074 without a quick recovery, it will create a lower low and invalidate the bullish thesis for Shiba Inu price.

Note:

The video attached below provides a short-term outlook of Shiba Inu price instead of the mid-term outlook described above.

Read Bitcoin mining has never been more competitive even as BTC loses 13% in August

Post Views: 213

Related posts:

SHIBUSDTShiba Inu price hints at a 150% upswing, an opportunity too good to pass up What-is-Shiba-InuShiba Inu price edges close to a 60% breakout as bears watch in disbelief What-is-Shiba-InuShiba Inu price to provide another opportunity before a 50% upswing What-is-Shiba-InuWill Shiba Inu price provide buy signal before exploding to $0.0000200 FXStreetSHIB holders beware! Shiba Inu price threatens a 23% drop What-is-Shiba-InuShiba Inu price ready to explode after Ethereum whale scoops up 312 billion SHIB What-is-Shiba-InuShiba Inu edges Avalanche with explosive 16% gains, SHIB holders rejoice What-is-Shiba-InuWith a 50 million dollar goal is Big Eyes coin the next Shiba Inu?
Tags: Point of Control (POC)Shiba Inu priceSHIBUSDT news

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