2022-5-31 00:54 |
Shiba Inu has seen a two-week period of price consolidation. There have been times when the coin has rallied but overall, the price action over the past 14 days has largely been in a consolidation phase. However, the coin may experience another 15% drop before it rallies. Here are some highlights:
SHIB has formed a descending triangle pattern in recent weeks that could trigger a breakout.
The coin will however need to gather enough trading volume to achieve this
SHIB may dip by at least 15% before enough demand is generated for a bull run.
Data Source: TradingView
How far can SHIB go?At the moment, it seems like SHIB needs a few more days to consolidate further. Yes, it will drop of course, but we don’t see so much downside here. If anything, the 15% drop will bring SHIB within an important demand zone. This could finally provide the momentum needed for the meme coin to go on a strong uptrend.
Besides, right now SHIB is not far away from its bottom price after the May sell-off. In fact, if the meme coin was to drop by another 15%, it would be more or less within that price range. This means that more downside at this time remains very low.
It is likely that the coin is actually nearing the end of the May bear cycle and as such, it is ready for a decisive bull run.
Is SHIB risky right now?The risk is minimal as we speak. In the short term, we do not expect any major sell-offs for the meme coin. However, with investor sentiment still struggling to pick up, the volatile nature of SHIB will likely continue.
Nonetheless, SHIB could offer at least 25% in gains in June before it pulls back. As for long-term investors, improved sentiment in the market could push 3x growth by the end of 2022.
The post Shiba Inu (SHIB) could drop by around 15% before any bull run appeared first on CoinJournal.
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