New Delhi: After a good green rally in the past week, Shiba Inu now has formed a cup with a handle base with a daily close above the handle high of $0.00000887. As per experts, the coin can rise again as demonstrating a “bullish” trend it can climb higher and higher in value.
The breakout resulted in profit-taking and pushing Shiba Inu back in the handle of the base. It is raising a possibility of a bull trap and a potential run can move the target to $0.00001214.
Investing cube suggests that SHIB will see another test of resistance when it will reach at the level of $0.0000096 and the trend still points upward from here.
As of now, Shiba Inu has a high entry price for new interested traders and it is also difficult to spot any massive movement from the coin right now. SHIB is stuck and not rising right now which has made it difficult for new investors to buy and embrace the meme cryptocurrency.
As per Investor place, SHIB can use a little boost from social media hype as it has used it earlier. Crypto enthusiast and Tesla CEO Elon Musk’s one mention can give a good push to the coin.
An immediate SHIB pullback can be a reaction to the overbought condition on the Relative strength index. The longer it persists the greater will be the challenge to renew the breakout.
If the coin wants to reactive the cup-with-handle base release then it needs to register a daily close above the $0.00000949. It is important for the coin to move otherwise investors will remain locked in a directionless crypto.
Following Bitcoin, several altcoins are also registering new rally highs which is frustrating the SHIB investors. This directly reflects the uneven performance which usually occurs in the cryptocurrency complex.
All this will complicate the original bullish forecast to the $0.00001214 level as the coin loses its allure.
