Shiba Inu retests an inverse head-and-shoulders breakout, targeting a 25% rally to $0.00001871. Futures data supports bullish momentum.
As the altcoin market soars, Shiba Inu is preparing for a massive post-retest reversal. After retesting the breakout of an inverse head-and-shoulders pattern, Shiba Inu targets a near 25% surge to the $0.00001871 mark.
Shiba Inu Price Analysis
On the daily chart, the Shiba Inu price trend shows a bullish breakout from an inverse head-and-shoulders pattern. The neckline is near the $0.0000144 level and slightly above the 23.60% Fibonacci level.
Over the past week, Shiba Inu saw the breakout rally peak at $0.0000170 before reversing to the downside. The pullback retests the neckline, suggesting a potential post-retest reversal.
However, the MACD and signal lines have given a negative crossover, indicating a potential downside. On the other hand, the daily RSI line bottoms out near the halfway level as it recovers from the oversold region. As the RSI points upward from this level, the indicator suggests a potential surge in bullish momentum.
Additionally, the intraday surge of 1.03% in Shiba Inu hints at a potential morning star pattern. This is typically considered a reversal pattern, supporting the post-retest turnaround thesis.
According to the Fibonacci levels, the potential reversal will likely test the 50% Fibonacci level at $0.00001871, which could lead to a 25% upside. On the flip side, a breakdown below the neckline could test the $0.00001265 level, near the early May low.
Optimism Sparks in Shiba Inu Futures
Shiba Inu futures are seeing a surge in bullish anticipation as the funding rate spikes to 0.1010%, according to CoinGlass data. With rising bullish sentiment, open interest has also increased by nearly 2%, reaching $220.18 million.
Notably, over the past 12 hours, short liquidations have surged to $93k, while long liquidations are limited to $35k. This rising bullish narrative in Shiba Inu futures indicates the possibility of a leverage-driven bullish rally.
DisClamier: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basic opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
