Shiba Inu (SHIB): is a potential increase of 150% approaching? For almost three months, the price of the Shiba Inu recorded ups and downs without managing to stabilize. However, analysts see a possibility of a starting bullish move with SHIB price consolidating around the POC at $0.0000118.
For those who wondered if investing in the Shiba Inu was profitable, the question is: is this the right time to rejoice, or even get started?
SHIB price continues to consolidate
For those who doubted it, Shiba Inu is making a strong comeback and consolidating today around the Volume Control Point (POC) at $0.0000118. In the near future, a breakout of this level to reach the price of $0.0000083 is quite possible.
Nonetheless, if the price of SHIB drops past the $0.0000074 support level then it is unlikely to enter an uptrend.
Recall that the barrier at $0.0000118 is the highest level traded since April 12, 2022, and can no longer be seen as a level of support or resistance relative to where the price is trading.
A 68% increase in 3 days
After bottoming out at $0.0000071 on June 18, SHIB price recorded a notable 68% rally in three days. This increase notably created a massive spread or Fair Value Gap (FVG) which had extended from $0.0000083 to $0.0000092.
Typically, the gaps are filled when the cryptocurrency registers a massive average rally. For the SHIB, it hasn't happened yet, which leaves analysts quite optimistic about the possibility of a rise.
Such an opportunity would indeed give the green light to investors and holders of SHIB. Many of them are currently waiting for the SHIB price to fill the gap, which would open on a long swing position.
Should we expect a 150% increase?
For now, analysts expect the POC at $0.0000118 to be followed by a rise to $0.000019 and then $0.0000211. That would be an upside of over 150% for the meme coin.
It should nevertheless be remembered that even if the predictions are looking very positive so far, a premature rally above the POC is not to be ruled out. If this were to happen, then it would mean that the move was just temporary and it is not impossible for the trend to reverse.
In the event that the SHIB produces a daily candlestick close below $0.0000074 then this will lead to a decline. If that were to happen then, one would have to reckon with the risk of a possible crash.
Should we invest in the same area?
With the current configurations, in our opinion, it would be a bit inappropriate to buy SHIB. To avoid unpleasant surprises on arrival, it is better to wait for it to pass the upward barrier and stabilize at the level above its current price.
In any case, regularly refer to Coinmarketcap to follow the evolution of its course.
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