SHIB is a compelling opportunity above $0.00000936

Shiba Inu price continues the formation of the right shoulder of an inverse head-and-shoulders pattern.
50 six-hour simple moving average (SMA) now trending higher, dedicating support to the right shoulder consolidation.

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A decisive close below $0.00000801 would void the bullish SHIB thesis, elevating the odds for a more complex bottom.
Shiba Inu price has been engaged in a multi-week bottoming process that illustrates an inverse head-and-shoulders pattern and a precise trigger. The completion of the right shoulder should be near as SHIB seeks a rally of 80% based on the measured move of the pattern.

Shiba Inu price shows confidence, and volume delivers on conviction
Since the May 19 crash, Shiba Inu price has struggled to plot a constructive bottoming pattern with a timely entry point. Nonetheless, since June 29, SHIB has consolidated confidence in the potential inverse head-and-shoulders pattern with a symmetrical right shoulder inspired by a textbook volume profile.

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As Shiba Inu price releases the oversold condition on the intra-day Relative Strength Indexes (RSI) following the 70% spike from the June 22 low to the June 29 high, investors need to monitor the 200 six-hour SMA as it slips through the right shoulder of the formation. Without the support of the strategically important moving average, the challenge increases for a successful resolution of the SHIB pattern.

Of course, it should be mentioned that the 50 six-hour SMA is crossing above the 200 six-hour SMA, triggering a bullish Golden Cross pattern on the six-hour SHIB chart, thereby adding some positivity.

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The measured move target of the inverse head-and-shoulders pattern is approximately 80%, projecting a Shiba Inu price of $0.00001720 from the neckline at $0.00000936. The rally would leave SHIB just below the 38.2% Fibonacci retracement level of May’s correction at $0.00001754.

An 80% gain in a perplexing cryptocurrency complex would be a notable achievement for SHIB. However, a more realistic Shiba Inu price target is the resistance between $0.00001204 and $0.00001214, marking the fusion of the May 20 and 24 highs. A rally to $0.00001214 would conclude with a 30% gain from the current position of the neckline at $0.00000936.

Critical to the full realization of the 30% gain is overcoming the minor resistance established by the June 2 high at $0.00001048.

SHIB/USD 6-hour chart

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SHIB/USD 6-hour chart

If Shiba Inu price closes below $0.00000801, the bottoming process and the resulting inverse head-and-shoulders pattern will be questioned. A close below that level would eliminate the support provided by the 50 six-hour SMA and, at a minimum, project a more complex right shoulder and, at worst, a reversion to the lows of the head around $0.00000550.

For now, the working thesis is for a bullish resolution of the inverse head-and-shoulders pattern and a rally of at least 30%. The narrative is based on the superior volume profile underlying the head and right shoulder formation,

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the building of relative strength versus the cryptocurrency market and the growing dominance of altcoins versus Bitcoin over the last two weeks. Combined, they emulate a digital asset trading with conviction and confidence.

Here, FXStreet’s analysts evaluate where SHIB could be heading next as it seems bound for higher highs.