Shiba Inu has been under the close watch of the crypto veteran, Peter Brandt, as he has been displaying a series of charts to analyze the Shiba Inu (SHIB) coin.
The veteran has once again shared a chart on their Twitter handle suggesting that the Shiba Inu coin may plunge massively if it drops below lows of less than $0.00001.
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He tweeted “Hey @jonbking check this chart out. A decline below July lows would not be pretty,” the veteran futures trader said. However, Brandt added that a surge in SHIB’s price above the level would “confirm the inverse.” Brandt noted that the head-and-shoulder pattern is absentia.
Peter Brandt Once Displayed A Shiba Inu Chart
As reported by the Cryptolifedigital, Peter Brandt, once displayed a chart on his trading view account a day before the Shiba Inu had an over 35% spike in the market. Brandt’s chart revealed that the second largest dog-theme crypto is ready for a big uptrend.
According to the chart, the current bullish of SHIB may last for weeks as the native token of the dog-themed project has completed the inverted Head & Shoulder (H&S) pattern, which is a major signal for a trend reversal.
Following his first analysis, he stated in another tweet that Shiba Inu would need to hold above its neckline support of 0.00001310, which indicates a buy signal.
If the trend lines did not go as thought, Peter Brandt said investors may have to sell their Shiba Inu to prevent loss.
The sudden interest of Peter Brandt in Shiba Inu may sound surprising to many as the veteran is known for Bitcoin analysis.