SHIB Set To Climb to New Highs

With Bitcoin surpassing the $70,000 threshold once again, the cryptocurrency market is demonstrating strong growth. Consistent trading and investing require some level of diversification, so we present a timely buying opportunity for Shiba Inu, confirmed by our analysis yesterday.

Daily time frame analysis

SHIBUSD - 1 Day Time Frame

Our trading model underpins the buying scenario for Shiba Inu. This setup involves an initial liquidity withdrawal followed by a price close above a critical resistance level, confirming a shift in market sentiment.

This behavior indicates that the price is disregarding the last bearish resistance to growth. If Bitcoin’s strength continues in the coming period, Shiba Inu may follow suit, providing an opportunity to enter this trend at a favorable valuation.

SHIB price target

As always, a protective Stop Loss order is essential since markets are unpredictable. In this trade, we’ve positioned the Stop Loss below the internal higher low, providing ample room for trade movement.

There are several Take Profit levels in this setup as well. Specifically, you may consider taking partial profits whenever the price surpasses the Buy-Side Liquidity level.