The Shiba Inu price has entered a win or lose situation. Therefore, investors need to be very careful and follow the price levels. Below you can find three key factors on SHIB price.
Shiba Inu broke the triangle pattern
Analysts are watching the Shiba Inu price closely this weekend. If the triangle pattern is correct, a bull rally of up to 30% will begin for the dog-themed meme coin. However, it is also possible that the triangle pattern is a deceptive trap. These deceptive patterns are money traps that often appear to reduce traders’ opportunity funds. In some cases, they are notorious for causing massive purges. In addition, they are among the models that should be very careful for investors.
cryptocoin.com As we reported, Shiba Inu price is currently trading at $0.00001197. It is clear that SHIB price is not yet impulsively rising on the smaller timeframes after the triangle breakout. The fact that the price did not rise despite the breakout is the first anomaly that arouses concern among investors. Additionally, according to the Relative Strength Index, the DOGE killer is also quite far from bullish on larger timeframes. It seems that despite the breakout of the triangle pattern, SHIB price is not giving any bullish signals.
What’s next for the SHIB price?
Among the investors, there are those who are betting on the Shiba Inu exiting higher than $0.00001320. It is possible for these traders to enjoy extraordinary returns for bullish entries. They can also withstand further market congestion and potentially sales over the weekend. The downside targets of the price are rather pessimistic. The bears are targeting a drop of up to 35% from the current market value of the Shiba Inu. This means that the unit price of SHIB could drop to $0.00000976. After this level is achieved by the sellers, the price is likely to go even lower. In such a scenario, SHIB will likely target $0.00000750.
So what needs to happen for the bearish view to be overridden? Traders need to watch out for $0.00001320 to expect a rise in price. A breach above this level will open the way for the bulls. Thus, it will be possible for the price to go higher. If the Shiba Inu crosses the invalidation level, the bears need to release their short positions immediately. So they can join the bulls. As a result of the bearish view invalidating, the first target for SHIB will be a rally towards $0.000001580. After that, a rally of up to 50% from the current Shiba Inu price is also possible. In such a case, the price has the potential to continue to rise and reach the $0.00001750 region.
