SHIB price has done very well over the past two weeks. Yes, it has faced some intense trader's selling pressure along with the rest of the crypto market, but SHIBA bulls have thus far kept prices stable.

Shiba Inu price defends the $0.0000300 value area

Shiba Inu token price action on the $0.0000025/3-box reversal Point and Figure price chart is mostly unchanged from prior analysis. A theoretical long buy trade setup on the Point and Figure price chart first identified in early December 2021 remains active. For buyers who missed the entry, there is an opportunity to enter soon.

The theoretical long buy trade for Shiba Inu price is a buy stop order at price of $0.0000375, a stop loss at price of $0.0000275, and a profit target at price of $0.0000775. This trade idea represents a 4:1 reward/risk setup with an implied profit of over 100% from the entry. A two to three-box trailing stop loss would protect any profit generated post entry.

The trade is based on a Point and Figure chart pattern known as a Bullish price Shakeout – a form of a bear trap. However, the Bullish price Shakeout pattern is only valid when it appears at the bottom or beginning of a new price uptrend that is part of a broader uptrend. Shiba price action fulfills all those requirements.

The theoretical long buy trade setup is invalidated if Shiba Inu price drops below the price of $0.00002500 level area.

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