Shiba Inu primed for big rally as weekly candlestick prints bullish pattern

New Delhi: Shiba Inu is soon going to end the price consolidation process and setting lower swing lows since October 2021 as last week’s candlestick gave a bullish hammer. This last week’s candlestick gave traders the signal needed to set buying orders to convert to the long side of the market.

Is SHIB’s big rally coming?

As per experts, Shiba Inu is still in the bull phase within the weekly Relative Strength Index. As the chart depicts, SHIN is currently between the two oversold levels in a bull market, 40 and 50. Adding to this, the Composite Index has already given historic lows since the beginning of 2022.

The combination of the extreme oversold levels on the Composite Index and bullish hammer candlestick pattern suggests an impending bullish reversal.

According to the long trade setup, If you are looking to invest in SHIB then you can lock buy stop at $0.000022, a stop loss at $0.000016, and a profit target at $0.000054. This trade opportunity implicates a profit target of 145% from the entry price.

However, there are not many chances that SHIB will move towards the profit target in a single column and therefore, you can book profit in the mid-way also.

If the current O-column continues to move further lower then the long entry moves with the lower price movement. However, the profit target remains the same as the Point and Figure pattern suggests that there is no invalidation point for a Shiba Inu price long entry.