Brandt believes Shiba Inu will dip drastically if its price drops below July lows.
Veteran futures trader Peter Brandt has shared another chart for Shiba Inu (SHIB) coin for the second time this month. This time, the legendary trader suggests that the price of the meme-based cryptocurrency may plunge massively if it drops below its July lows of less than $0.00001.
“Hey @jonbking check this chart out. A decline below July lows would not be pretty,” the veteran futures trader said. However, Brandt added that a surge in SHIB’s price above the level would “confirm the inverse.” Brandt noted that the head-and-shoulder pattern is absentia.
— Peter Brandt (@PeterLBrandt) August 24, 2022
Brandt’s Recent Interest in Shiba Inu
Brandt’s recent interest in Shiba Inu may come as a surprise to many given that he usually focuses on Bitcoin, the world’s largest cryptocurrency by market capitalization.
As reported by TheCryptoBasic this week, Brandt stated that Shiba Inu would need to hold above its neckline support of 0.00001310, which indicates a buy signal.
However, if the trend line is violated, Brandt said investors may have to sell the crypto asset to shield themselves from incurring significant losses.