According to seasoned analyst Jonathan Morgan, Shiba Inu price movements show evidence that selling pressure may ease and a new low is developing. If this analyst’s prediction comes true, SHIB price will prepare to test another break above the bear market trendline.
SHIB price pulls sellers back, giving bulls an opportunity
SHIB continues to face resistance against the bear market trendline (red diagonal trendline). Buyers made several attempts to push the Shiba Inu above the bear market trendline, but each attempt was met with resistance. A higher breakout could occur soon. Jonathan Morgan shares this setup:
- 0. Purchase order at $0000500
- 0. $0000400 stop loss
- 0. 00008500 $ profit target (TP)
According to analyst 0. 0000500dollar level can be considered suitable for entry. If this is triggered, it is predicted that two simultaneous events could occur.
- Moves above the Volume Point Of Control (POC).
- Meets all the requirements for a Bullish Shakeout Pattern.
The Bullish Shakeout Pattern is one of the most sought after reversal patterns in Point and Shape analysis. Generally, this pattern is valid only at the bottom of an swing or trend and near the break of a bear market trendline. This pattern usually initiates new bull markets or continues previous highs.
Bulls may want to check that they are greedy
The analyst also mentions another scenario. If the Shiba Inu price drops to $0.0000350, the entry for the long position will be invalid. Any move below $0.000425 could possibly trigger a crash towards the $0.00150 area. Cryptocoin. com You can take a look at the Jonathan Morgan analysis we prepared here.
