Shiba Inu: The Dawn of a New Era?

The daily time frame for Shiba Inu (SHIB) shows some attractive price action that may signal the start of a new bullish phase. Although not following the traditional altcoin trajectory after achieving previous targets, the price structure of SHIB suggests interesting possibilities ahead.

Technical overview: Here is what the chart tells us:

1. Formation of an elliptical shape trend: SHIB is currently forming a rising wedge pattern, often preceding significant price fluctuations. This formation indicates that the buyers are gradually gaining control, with buyers stepping in at crucial levels.
2. Strong support area: The price of 0.00002424 has acted as a strong support level multiple times. This shows strong buying interest, as traders have continuously defended this area, preventing further price drops.
3. Price Increase Motivation: Market structure reflects the classic uptrend, characterized by higher highs and higher lows. This momentum, combined with sustainable support, indicates that SHIB may be preparing for a breakthrough. Potential price target: If the breakthrough in price increase becomes a reality, here are the potential targets to keep an eye on: Short-term goal: The first important level to watch is 0.00003232, an important resistance area that traders may seek to take profit initially. Mid-term goal: If the upward trend continues, a more ambitious mid-term target could be 0.00004167. Reaching this level will signal significant growth and potential shifts in market sentiment. Trading strategy: For those who want to trade SHIB at this stage, consider the following approach:
4. Accumulation phase: Buy SHIB near the support level of 0.00002424 or during any approaching downturns to this area. Strong support level indicates a favorable entry point with limited downside risk.
5. Set stop-loss order: To manage risk, place a stop-loss order slightly below the support level. This ensures that any sudden price drops are prevented without causing significant losses.
6. Profit-taking strategy: Set multiple profit-taking levels that are suitable for the stated goals: First target: Close a portion of your position near 0.00003232.Second target: Maintain a portion of your position at 0.00004167.Adjust stop loss level: When the price moves in your favor, consider adjusting the stop loss to lock in profits. Important reminders: Risk management: Proper risk management is essential. Use stop-loss and stop orders to ensure losses can be managed. Please research: This analysis is based on indicators and technical models. Supplement with your own research to make informed decisions. Understand market risks: Cryptocurrency trading is volatile and involves significant risks. Past performance does not guarantee future results. Final Thoughts The current price movement of Shiba Inu indicates that we may be on the brink of a strong price increase. However, patience and disciplined trading are very important in such situations. As usual, stay tuned for more updates and to guide the market for your decision. DYOR! #Write2Win #Write&Earn $SHIB {spot}(SHIBUSDT)