The Shiba Inu price is showing a dual outlook, where it could go either way depending on the overall market sentiment. However, many altcoins perform relatively poorly than some altcoins. Therefore, it is also possible for the SHIB price to go in a different direction from the market, just like them.
SHIB price at a crossroads
The Shiba Inu price has lost 76% between April and June of 2022. This drop pushed it from the low of $0.00000300 to $0.000071. SHIB has formed a local bottom at the aforementioned low. This meme caused a huge bullish move on the price of the coin to emerge. As a result, the token has risen 68% to date from the local bottom it formed in June. The volume profile stretching from the peak of the crash to August 4 shows that the highest volume was trading at $0.0000118. Here is an interesting data. Accordingly, the recovery is pushing the Shiba Inu price to break above the 0.0000118 level, which currently serves as a support level.
The two-way nature of trade is clearer from this point of view. The Shiba Inu shows that the chances of a bullish move are high as long as the $0.0000118 support level holds. On the other hand, any problem that is possible to occur here will put a fix among the possibilities. A move to either side makes sense, especially given the lack of high-volume nodes. From a bullish perspective, there is no major resistance level up to $0.0000198 for SHIB. Beyond this level, a weekly resistance level at $0.0000211 has the potential to block the upward move. On the downside, there is a price inefficiency at $0.0000083. Ultimately, this inefficiency has the potential to hurt early investors hoping to capitalize on the bullish move.
Shiba Inu can rally 154%
Due to the uncertainty mentioned above, it is possible to get the best guess by looking at the Bitcoin price. As we have reported as Kriptokoin.com, Bitcoin is the driver and enabler of the trend in the crypto ecosystem, at least most of the time. From the traders’ point of view, the FVG (actual value difference) needs to be filled as soon as possible. This will be the signal to trigger a buying opportunity for the Shiba Inu price, especially if the overall market situation is bullish. In such a case, a swing long position of $0.0000083 with a target of $0.0000198 and $0.00000211 would be the best risk/reward trade. If this move occurs, a gain of 154% is imminent for SHIB.
Developments await the Shiba Inu price, due to the POC’s position above $0.0000118. It is possible that the outlook in the market may change. Negative headwinds have the potential to trigger a sell-off in BTC price. In this case, it is possible that Bitcoin will quickly give support to the SHIB bears. As such, investors need to be mindful of big crypto and its directional bias. A weekly candlestick near $0.0000083 will invalidate the bullish argument for SHIB price. So this event has the potential to cause a drop from the June 18 low of $0.0000071.
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