Shiba Inu price in wait-and-see as investors look for Big Tech earnings
|- Shiba Inu price stands pat and is almost unchanged for the day after a volatile session on Monday.
- SHIB price uses the 55-day SMA as an anchor point with bulls and bears in distribution mode.
- Expect to see a drop back to $0.00002200 as bulls cannot make new highs against the high of Monday.
Shiba Inu (SHIB) price had a whipsaw move on Monday during ASIA PAC , and during the European session price action remained subdued. Towards the US close, however, SHIB price finally printed positive numbers. Today, although positive, SHIB has issues moving to the upside as another round of dollar strength is putting a drag on SHIB price. Expect to see bulls giving up on their attempts and setting the scene for a 10% drop on the back of big-tech earnings from Microsoft and Alphabet after the US closing bell, which could possibly see a Netflix repetition like last week.
SHIB price awaits Microsoft and Alphabet in fear of Netflix repetition
Shiba Inu price saw a massive move on Monday as investors were quick to sell the fact and ejected any significant portions of risk assets. But sentiment changed as US investors triggered spillover effects, with the Nasdaq rallying over 1% near the close, pulling up cryptocurrencies with it. That move will have hurt plenty of bears that got short around the 55-day Simple Moving Average (SMA).
SHIB price looks set to tank another level as bulls cannot materialise a follow-through and make new highs to show conviction in markets, giving encouragement to sidelined investors. Expect to see a drop back below the red descending trend line with acceleration if Microsoft or Alphabet informs markets about smaller earnings or headwinds for the next quarter. That will trigger a drop towards $0.00002150, or roughly 11%.
SHIB/USD daily chart
A repetition of Monday’s playbook could be the scenario at the other end of the spectrum today. Should both Microsoft and Alphabet print good earnings and solid numbers, expect the dollar to back off a bit and open some room for SHIB price to move to the upside. That would mean a pop back above the 55-day SMA and even above the monthly pivot at $0.00002600.
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