Shiba Inu’s (SHIB’s) continued sideways movement is making investors sceptical about the crypto’s potential for an uptrend later on. At the moment, the meme coin is staring down the possibility of a 25% decline.
SHIB signals have been somewhat untrustworthy since the crypto’s 16% sell-off on June 9. Previously, a triangle breakout for SHIB showed the potential to propel the price of the meme coin by 60%. Unfortunately, it now appears as if this triangle could be a smart money trap that was designed to entice traders to open unsuccessful positions.
In this volatile time for SHIB, traders could look at rather taking a slight loss or breaking even as bears could drop the price of SHIB by 25% to trade at $0.00000800.
SHIB/TetherUS 1D (Source: CoinMarketCap)
SHIB is currently trading at $0.00001059. Although it may seem like the beginning of a rally for SHIB, the technicalities of the crypto are perfectly set up for a breached triangle apex close to the $0.00000110 zone.
Thus, traders should keep an eye on the smaller time frames of SHIB’s charts to identify any bearish divergence. A more conservative approach could also be to wait for a breach of $0.00001000 for entry.
For the bearish thesis to be invalidated, the SHIB price will have to breach $0.00001250. If the price is successful in doing this, it could result in a 30% increase from the current SHIB price.
The price of SHIB is currently down 2.13% over the last 24 hours.
Disclaimer: The views and opinions expressed in this article are solely the author’s and do not necessarily reflect the views of CQ. No information in this article should be interpreted as investment advice. CQ encourages all users to do their own research before investing in cryptocurrencies.
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Source: Cryptocurrency - investing.com
