Shiba Inu: Mapping out profitable entry points for SHIB investors

ambcrypto.com:

Disclaimer: The findings of the following analysis are the sole opinions of the writer and should not be considered investment advice

The dog-themed token has been on a slump since its ATH last year. Shiba Inu (SHIB) sellers have refused to offer any leeway to the bulls. All the buying rallies over the past four months were constricted within the bounds of its symmetrical triangle setup. (For brevity, SHIB prices are multiplied by 1000 from here on).

Now, the price approached its immediate trendline support while traversing in a down-channel. So, a likely recovery from its baseline would head right into the rectangle, as highlighted on the chart.

At press time, SHIB was trading at $0.02349.

Source: TradingView, SHIB/USD

Soon after SHIB broke out of the long-term down-channel (white), the 23.6% Fibonacci resistance flouted its bullish rally in early February. Meanwhile, the bulls took charge of the troughs by marking trendline support over the last three months (white, dashed).

SHIB’s retracement towards the $0.02-level shaped a symmetrical triangle pattern. Its current trajectory led to a baseline from where a likely spike seemed to be building up in the market. With the 20 EMA (red) lowering below the 50 EMA (cyan) and 200 EMA (green), the sellers exhibited their rising vigor while refraining the bulls to redefine the current market structure.

The traders/investors should wait for a break above the current down-channel (yellow) to enter positions. A close above this pattern could lead to an extended squeeze phase in the $0.023-$0.025 range. Then, the high volatility phase could favor the sellers while they still substantially control the wider trend.

Source: TradingView, SHIB/USD

The RSI found a reliable cushion in the 38-40