Shiba Inu (SHIB) sees the bulls punching and preparing for a massive rally, according to crypto analyst Filip L. The analyst predicts that SHIB could initiate the first phase of a full recovery towards the levels seen from 2021. The analyst expects a bullish break from the pennant and a revaluation towards $0.00001708. We have prepared Filip L’s analysis for our readers.
“Shiba Inu price will increase gains by around 40%”
Shiba Inu (SHIB) will outperform after the crypto winter that has hibernated investors and bulls since March of this year . As more signs point to a reversal and price action is supported, it’s time for investors to invest money.
$0.00001100 as the line in the sand and monthly S2 support level as additional support. There could be a break above $0.00001400 extending the pennant towards $0.00001708 which will trigger taking some profits after gaining over 40%.
As you can follow from cryptokoin.com news, Shiba Inu price has been supported by bulls and investors who bought the fall, as well as an ascending trend line since mid-May. A descending trendline is forming on the upside but looks weak instead. Because the uptrend went through three to four tests, and then there was a rebound at a time.
The upstream boundary only had one test, which makes it more questionable. However, the bulls are taking control of the price action and are poised to rise above $0.00001400 as demand will increase further and the weakness of the dollar will support the SHIB price action.
Thus, SHIB is set to compensate for losses on May 13 after executing the pennant as a swing trade. From there, it will be crucial to see how the different moving parts in the background behave in order to determine how slow or fast the rally is progressing.
In a perfect scenario, $0.00001708 could be tested to the upside by the end of the week. In another scenario, it could take until the end of June in a faster scenario with the Relative Strength Index (RSI) rising very slowly towards overbought.
As mentioned above, there are many moving parts in the background and a few unresolved geopolitical events are also influencing price action. If there are headlines that discourage investors, expect to see a flirtation with investor cash out and a pullback to $0.00001044 and possibly $0.00001000. The broad support is expected at $0.0000965, which could cause further deterioration once broken.
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