Veteran Trader Peter Brandt Says SHIB Could See Trend Reversal if it Holds this Level

0

Last Updated on 21 August 2022 by CryptoTips.eu

Jeroen Kok

Jeroen is one of the lead copywriters on Cryptotips.eu and discusses all recent events in the crypto market. This includes news updates, but also price analyzes and more. He developed his passion for cryptocurrency during the bull run in 2017. He has learned a lot since then. The combination of cryptocurrency and creative writing is perfect for Jeroen and an excellent way to share his knowledge with a wide audience. Find me on LinkedIn / [email protected]
View all posts

Shiba Inu, the second largest meme cryptocurrency by market cap, has experienced a significant downturn since reaching an all-time high in October 2021. The current bear market has further worsened the situation as the memetoken struggles to keep its head afloat.

However, veteran trader, Peter Brandt says that it may soon experience a trend reversal if it is able to maintain the price above a level. Brandt in a tweet, posted a SHIB price chart which indicates that it has formed a bullish inverse head-and-shoulders pattern. This pattern is the opposite of a bearish inverse head-and-shoulders pattern, and indicates the possible reversal of a bearish trend to a bullish one.

According to the chart, the trendline currently sits at $0.00001310, and SHIB needs to hold above it for the trend to reverse. With the line serving as support, SHIB could push upward and enter a rally. After experiencing an upward move in the last 48 hours, the price currently hovers above $0.00001320, which is safely above the trendline, meaning a rally is still possible.

Similarly, another analyst, David Gokshtein said in a tweet “$SHIB looking to make another move.” He is just one of the many other analysts that expect SHIB to rally soon, in addition to Peter Brandt.

This will be the second major rally that SHIB has experienced, after last year’s, which resulted in a price increase of over 1 million percent. Coinmarketcap shows that the price of the asset has dropped by a little over 1% as the market has been in a tight range.

Will SHIB enter the new week with the rally or does the market have to wait a little longer? Meanwhile, a downward move is still possible if the trendline does not hold.