- SHIBA INU price has been coiling within a range for several weeks.
- SHIB has printed two consecutive inside bars on the 2-week chart.
- Traders should wait for more evidence of the next directional trend.
SHIBA INU price is forecasting a 30% move in the coming weeks. Following last week’s no-trade zone, the popular meme token has printed two consecutive inside week bars, within a 30% range.
SHIBA INU price action points to an imminent breakout
SHIBA INU Price on the 2-week Chart has printed consecutive inside bars on the two-week chart. Inside bars usually occur in low volatile market conditions and can terminate with very explosive rallies. It is worth noting that ranges within the inside bars can also project future price targets. The previous 2-week candle sets a range of 30% in either direction.
Traders may want to consider adopting a pending order-style trading plan as the future 30% price spike is currently unpredictable. A break below the two-week low at $0.00002120 is likely to send the Shiba Inu price 30% lower to the 61.8 Fibonacci level at $0.00001517.
On the contrary, a spike above the current two-week high at $0.00002247 could be the catalyst to send the SHIB price up 30% to challenge the other side of the previous 2-week candle at $0.00002861.
SHIB/USDT 2-Week Chart
SHIB price is likely to have a 30 percent change in price, but because the direction is unclear, the meme coin should be considered as a no-trade zone until further trend direction is clearer. An invalidation for trading the 2-week chart method would be to place a stop loss opposite the future breakout. For instance, bulls going long should aim for 30% above the current price towards $0.00002976 and the 38.2% Fib at $0.00002975 with an invalidation point being the previous two-week low at $0.00002120.
The bears should consider a 30 percent target below to land at $0.00001517, with an invalidation point being the previous 2-week high at 0.0002861