Shiba Inu (SHIB) Reached The Demand Level After A Bullish Break Of Structure: Is It A Buy?
After Dogecoin, Shiba Inu (SHIB) showed an astonishing price surge, indicating massive investors' attention to internet memes. The 1192% price increase in the SHIB/USDT chart in October 2021 is a sign that people are interested in buying meme coins besides large-cap Bitcoin or Ethereum.
However, it has been several months since meme tokens showed the price rise. Dogecoin is currently trading 84% down from the all-time high level, while Shiba Inu declined more than 74% from its record high in November 2021. The sluggish performance would be an effect of the cash outflow by retail traders from the crypto market. According to some prominent analysts, the situation does not apply to meme tokens only. Due to the factor uncertainty, digital asset investors move their funds to large-cap tokens like BTC and ETH with a hope to have a better value during the economic uncertainty.
Bitcoin dominance, which shows the ratio of Bitcoin’s market capitalization of the whole crypto market cap, increased 44% in March. Therefore, any news regarding the war development might be a bullish factor for Shiba Inu and other altcoins.
Let’s see the Shiba Inu (SHIB) coin price prediction from the Shiba Inu Price Forecast.
Shiba Inu (SHIB) Formed Drop-base-rally
In the SHIB/USDT daily chart, the price showed a more profound correction after the October peak, where a 75% loss came from the all-time high. However, the deeper correction was countered by the bullish move from the 0.00001850 support level that made a bullish break of the structure of the 0.00003305 swing high. Later on, the price moved lower to the daily demand level with a corrective speed that opened another attempt by bulls.
The above technical analysis shows how the price trades within the symmetrical triangle after the long bearish trend. An intense buying pressure within the triangle pattern is also countered by extremely corrective selling pressure. Moreover, the price pattern is above the 0.00001850 key demand level, where a bullish pressure is shown by the MACD Histogram that made a new position above the neutral level.
Investors should closely monitor how the price breaks out from the symmetrical triangle formation based on the daily price structure. As the current price is above the 0.00001850 support level, a bullish symmetrical breakout is more likely to take the price up towards the 0.0000400 level in the coming days. On the other hand, a new swing low below the 0.00001850 level would increase the possibility of a downside pressure towards the 0.00001221 support level.
SHIB/USDT Ichimoku Cloud Analysis
According to the Ichimoku cloud analysis, Shiba Inu (SHIB) daily price trades within a bearish trend where the most recent bearish momentum has become weaker. In the future cloud, the Senkou Span A is still below the Senkou Span B, but the thickness of the current cloud is not supportive for bears. Meanwhile, the Lagging span is below the price with a corrective momentum.
This technical analysis shows how volume bars started to squeeze to a level, followed by the corrective selling pressure in the price. However, the dynamic Kijun Sen and Tenkan Sen are above the price and provide resistance to the selling momentum. Nevertheless, the bearish possibility is intact as long as the price trades below the dynamic Kijun Sen.
In this Shib forecast, bulls should find the price above the static 0.00002615 static resistance level to consider the upcoming price direction as bullish. In that case, the primary target of the bull run would be towards the 0.0000400 swing high. Conversely, the alternative approach is to wait for a bearish rejection from the dynamic Kijun Sen and open a short position towards the target of 0.00001221 level.
SHIB/USDT Intraday Price Action Analysis
In the SHIB/USDT, the price has become corrective after the long bearish trend. However, the most recent price action becomes indecisive between 0.00002277 high to 0.00002166 area from where a breakout may define the upcoming price direction.
This technical analysis shows how the price closed a bullish H4 candle above the dynamic weekly VWAP while the most recent high volume level is below the price. Moreover, the MACD Histogram turned bullish above the neutral zone in the indicator window while the MACD Line is below the Histogram with an upside pressure.
In that case, a bullish H4 candle above the 0.00002277 high has a higher possibility of taking the price up towards the 0.00002462 level with a 10.19% gain. On the other hand, a break below the dynamic 20 EMA would increase the selling possibility towards the 0.0000200 level.
Is Shiba Inu (SHIB) A Buy?
According to the SHIBA INU (SHIB) price prediction, SHIB/USDT buying is not confirmed yet. Therefore, investors should monitor the daily price to find the symmetrical triangle breakout where the upside breakout would offer a higher success rate. On the other hand, the bullish possibility is valid as long as the price trades above the 0.00001850 support level in the daily chart.