Shiba Inu (SHIB) hits the watchlist as a potential short-term swing opportunities recently formed based on a classic price action pattern.
Will the bulls take back control on SHIB or is this another short opportunity?
Shiba Inu (SHIB) has been relatively quiet since we last looked at it at the beginning of November, when it was starting to form support after a pullback from all-time highs.
We said that if you’re expecting more exchange listings to potentially pump SHIB/USD higher, then a break of the falling ‘highs’ pattern was something to watch out for.
Well, we finally got a new exchange listing this week for SHIB by Kraken, which did indeed spark a short-term spike higher in SHIB/USD and broke the falling ‘highs’ pattern.
The question now is whether or not today’s slight pullback to the major area of interest around the $0.000046 handle will draw in technical bulls or those still fundamentally bullish on SHIB?
Well, with not other catalysts seen ahead, the market will likely chop around for now as long as broad risk sentiment stays relatively neutral.
With this scenario in mind, if you’re still bullish on SHIB on hopes of a Robinhood listing or that we’ll see another wave of meme coin mania, then a potentially choppy market ahead may be the perfect environment for slowly accumulating a long position makes sense in the short-term.
For the bears out there who still sees this meme coin as not having enough growth and development to continue to attract capital longer-term, then be on the look out for a sustained break back below the $0.000042 – $0.000046 range.
This price action would likely invalidate the recent spike higher and draw in both fresh sellers & profit takers in the short-to-medium term, at least until we actually get news of a Robinhood listing…if we ever see it.
What do you all think? Is this spike higher in SHIB a selling opportunity? Or will the bulls hold the line and draw in more technical buyers in the short-term. Please let me know in the comments section below!
This content is strictly for informational purposes only and does not constitute as investment advice. Trading any financial market involves risk. Please read our Risk Disclosure to make sure you understand the risks involved.