Shiba Inu price has consolidated for the past ten days, forming support near the 88.6% fib retracement level at $ 0.000032. A huge bull run is imminent for SHIB – the direction of the top will be higher if the broader market can move higher.

SHIB has 90% upside potential

The coin meme price has been stagnating for some time, disappointing many traders. The Relative Strength Index (RSI) on the daily chart hardly deviates from the last oversold level in the bull market (40). The Composite Index has also been neutral since December 5th. This consolidation could be the start of a major rally.

One of the most sought-after reversal patterns in Point & Figure Analysis (P&F) is the shakeout. Unfortunately, this pattern doesn’t come up often and is only valid when an asset is already in a broader uptrend. A bullish fakeout pattern forms after a long column of Os falls below at least two lows but no more than three Os.

The hypothetical long setup for SHIB price is a buy stop at 3 box reversal ($ 0.0004), the stop loss is the 5 box stop, and the profit target is 0.000775 USD. The profit target is determined by the Vertical Profit Target Method in the P&F analysis. A two to three cell stop helps protect implied gains after entering.

P&F Reverse Chart $ 0.00005 / 3 box for SHIB / USD.

On the flip side, the Shiba Inu price can only move one more O under $ 0.0003. If it prints another O below this level, the trade will be invalidated and the SHIB will likely retest $ 0.00002.

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