• Compared to last Monday, the price trend of Shiba Inu was only slightly down.
  • So far, the bulls have limited downside risk to the bottom of the Ichimoku Cloud.
  • A new long opportunity has emerged at the 0.0000025 USD/3 box reversal point and on the graphical K-line chart

Shibas prices continued to slide southward with small gains over the past week. However, the bottom of Ichimoku Cloud (Senkou Span AB) acted as a strong support zone and prevented further selling.

Shiba Inu price could see a major bullish breakout

Shiba Inu price has generated some bullish structure, even though it is currently trading near its lows. All the conditions needed to complete an ideal bullish Ichimoku breakout are intact except for one: the current closing price above the Ichimoku cloud. If the bulls can push the price of Shiba Inu to $0.000029 to $0.000030 or higher, then the pattern will be complete, possibly pushing SHIBA's price into the $0.000054 value area. However, there is currently an earlier entry on its pip chart.

The hypothetical long entry for the Shiba Inu price is a buy stop order on a three-box reversal of X formed by the current O bar. At the time of publication, the price of the entry was $0.000028. The stop loss is a four-frame stop with a profit target of $0.000454. The trade represents a 4.33:1 return on the risk set. A trailing stop of two to three blocks will help protect any profitable entry after profit taking.

SHIBA/USDT $0.0000025/3 box reversal point and chart

In addition, as SHIBA continues to move lower, the entry and stop loss move in tandem – but the profit target remains the same. If the price of Shiba falls to $0.000014 or lower before the entry is triggered, the long trade idea is invalidated. .

However, downside risks do remain a significant and near-miss concern.

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SHIBA/USDT Daily Ichimoku Kinko Hyo K-line chart

A bearish Ichimoku breakout would be ideal if Shiba Inu price closes at or below $0.0000217. In this case, SHIBA could start a new bearish trend. Therefore, bulls need to maintain Shiba Inu at least at the daily closing price within the daily Ichimoku cloud.