Shiba Inu could be in the beginning stages of a much larger move. Key levels have been defined to asses SHIB’s next move.
Shiba Inu price has potential
Shiba Inu price pulled off an impressive bullrun during the final week of October, as the world’s favorite dog coin spiked rose by 55%. Following the initial rise, all signals seem like a go. If market conditions persist, SHIB may have the potential to rally 150%, similar to DOGE’s recent jaw-dropping price action.
Shiba Inu price currently auctions at $0.00001250. The bulls have produced a sudden 17% spike during the Asian trading session. A bullish engulfing candle accompanied by an influx in buying pressure on the volume profile indicator is displayed on the 4-hour chart. SHIB shows extremely optimistic signals as the recent surge is followed by a textbook retest of the 8-day exponential moving average following the 50% decline. The sudden upswing may hint at the underlying strength of sidelined bulls who have just entered the market.
Considering these factors, the SHIB price will likely wage a battle against newfound shorts near the monthly highs at $0.00001509. However, when zooming out, the uptrend move could be the beginning stage of Wave C which commonly extend 261% more than the initial first wave. Since the first wave rallied $55%, SHIB could have the strength to challenge bearish liquidity levels as high as $0.00002800, resulting in a 150% bullrun.
Invalidation of the bullish outlook is possible if the bears take the liquidity below $0.00001040. A sweep of the lows could induce an additional sellers’ frenzy targeting $0.00000970. The price of Shiba Inu would decline by 25% if the bears were to succeed.