Shiba Inu (SHIB) has been consolidating above stable support for almost a week and appears to be showing no signs of bullishness. However, this sideways move could herald an explosive rise, according to analyst Akash Girimath.
Shiba Inu and the calm before the storm
Shiba Inu price action from Jan 5 to Feb 8 formed a circular bottom similar to a bowl and handle pattern. Although the second half of the model is not yet complete, interested investors can take advantage of early entry opportunities. This technical formation predicts a 38% rise obtained by measuring the depth of the circle and adding to the breakout point of $0.0000329. It provides a price target with a top of $0.000454. The demand zone of
0.0000235 to 0.0000263 is a key support level for the SHIB that prevented steep corrections last week and could be tested before a new uptrend begins. On the upside, the SHIB could break past the theoretical target of $0.000454 and reach the psychological resistance of $0.0000500. From today’s low of $0.000251, this increase means Shiba Inu price and 100% gain for traders.
While things are extremely bullish for Shiba Inu price due to consolidation, a sudden drop in Bitcoin price which determines the current for all cryptos could nullify this scenario. A daily candlestick near the $0.0000211 support level will invalidate the bullish argument for SHIB price. Such a move would give the bears full control and trigger a crash to $0.0000094, which SHIB investors on the side can buy at a discount.
In conclusion
Technical analyst Akash Girimath thinks the Shiba Inu price is positioned on the backdrop of a massive uptrend that could yield almost 100% returns. Investors can get off to a jump start by accumulating in the $0.0000235 to $0.0000263 demand zone. However, a daily candlestick near the $0.0000211 support level will invalidate the bullish argument. At the time of writing, SHIB is trading at $0.00002444 within the $0.0000235 to $0.0000263 demand zone limits. As we reported as Kriptokoin.com, Fed Chairman Lael Brainard’s statements resulted in selling pressure.
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