Shiba Inu price to reward patient traders with big gains ahead

  • Shiba Inu price is retesting a parallel channel’s median line.
  • SHIB price is hovering around the 100-day moving average.
  • Invalidation for the bullish uptrend is a break of $0.00002262.

Shiba Inu price is still in an uptrend, but professional traders are likely to look for better opportunities until stronger confluences appear.

Shiba Inu price remains in an uptrend until further notice

Shiba Inu price is currently chopping around the 100-day moving average at $0.00002652, which is standard price action for cryptocurrencies. The popular meme coin has shallow reasons to continue holding for traders already in profit from last month’s successful trade setups. A parallel channel is being retested for the third time on the 4-hour chart, printing hammer and doji candles amidst the bearish sell-off. 

Shiba Inu price volume is also tapering off on the 4-hour chart, which should give scalpers and intraday traders more confidence for short-term targets at $0.000027 and $0.000028. Investors should consider waiting for a breach of the wedging trend lines before making long-term decisions.

SHIB/USDT 4-hour chart

The uptrend will be deemed a failure if $0.00002262 support gets broken. If this scenario were to occur, the bears would likely have enough strength to send Shiba Inu price to $0.00002200 and $0.00002000 up to 25% below the current price.