Shiba Inu price is tightening, according to analyst Filip L., which brought the SHIB uptrend back to $0.000088. Shiba Inu price completed a bearish triangle with a break below $0.00004465. SHIB price then saw the bulls immediately step in and support the price, forming a squeeze. Wait for a bullish break above the red descending trendline and open a reversal to $0.00005500. Detail Cryptocoin. com
Shiba Inu pick up where it left off?
The Shiba Inu (SHIB) price has been following a downward trend since the end of October. However, after the bottom was breached at $0.00004465, the bulls quickly started taking in the SHIB price. Expect an initial phase where the bulls extend the price action to $0.00005500 before reaching $0.00008800 in a few weeks. According to Analyst Filip L., SHIB price will eventually rally with a rapid price burst towards US$0.00005500. Buyers will jump in increasing numbers after the red descending trendline is broken. This will likely be followed by a burst on the buy side of the SHIB price. However, price demand will likely overheat later, and even 38% beyond $0.00005500. It could rise towards the 2 Fibonacci level at $0.00006889.
The bulls are having a good fight but it will depend a lot on a break of the red descending trendline. If they default on this attempt, wait for the bears to defend this trendline once again. See the continuation of the downtrend with the break of this intermediate support line and test the 55-day Simple Moving Average (SMA) around $0.00004000. A further push is 78% at $0.00002782. It will see a test towards the 6 Fibonacci level.