|

Big Tech saves the day for Shiba Inu as a 10% profitable peak gets underway

  • Shiba Inu price jumped higher in a volatile US trading session on Tuesday.
  • SHIB saw bulls clawing out of the well they fell in since the past weekend.
  • Expect to see SHIB rally further and head toward $0.00001100 for a 10% profit.

Shiba Inu (SHIB) price enjoyed an external tailwind that was very much welcomed, seeing the steep decline SHIB underwent. Since mid-April, SHIB nearly traded only one way to the downside, breaking several support levels along the way. With the tailwind, a bullish pop got sparked and might see some more follow-through in the coming days.

Shiba Inu gets entangled again with Big Tech

Shiba Inu price was long decoupled from the rises and falls of the stock markets as it was trying to break out of its crypto winter. That was until Tuesday evening when earnings from Microsoft and Alphabet, parent of Google, pointed to some strong numbers. What stood out was that Alphabet did not have any sharp declines in its publicity revenues, which is often the first element that companies cut when fearing a recession.

SHIB bulls welcomed the tailwind and took the opportunity with both hands to push price action upwards. Bears certainly will have felt the pain and might be seen cutting their positions further, which means they need to buy in the market and jack up the price in that move. Expect some resistance at $0.00001060 near the 200-day Simple Moving Average (SMA), but once through there a clear road toward $0.00001100 is forecasted.

SHIB/USD  4H-chart    

SHIB/USD  4H-chart    

As mentioned above, that 200-day SMA could prove to be a bit difficult to break back above. From a purely technical angle, it is the ideal place for a dead-cat bounce with a firm rejection at $0.00001060 followed by a massive sell-off that breaks $0.00001000. The bottom level to look for is near $0.00000966, where some support could be found after a 10% sell-off.

Author

Filip Lagaart

Filip Lagaart is a former sales/trader with over 15 years of financial markets expertise under its belt.

More from Filip Lagaart
Share:

Editor's Picks

Crypto Today: Bitcoin, Ethereum, XRP recover ahead of US Senate vote on CLARITY Act

Bitcoin edges higher, trading near $77,884 as of Monday, in tandem with broader gains across the cryptocurrency market. Ethereum and Ripple follow Bitcoin’s neutral-to-bullish trajectory, holding key support levels at $2,521 and $1.38, respectively.

Bitcoin Price Forecast: BTC recovery faces headwinds from ETF outflows and elevated Fed rate-hike bets

Bitcoin is recovering, trading above $78,200 on Monday after a more than 4% pullback the previous week. Elevated Fed rate-hike bets and geopolitical risks are boosting the USD, capping BTC’s upside potential.

Pi Network extends gains as ecosystem development supports recovery

Pi Network (PI) extends its recovery on Monday, trading above $0.097 after two consecutive weeks of gains. Continued ecosystem development and improved developer tools are boosting utility.

Cardano Price Forecast: Hovers near key EMAs as cautious metrics leave rallies exposed to selling

Cardano hovers near the key 50-day and 100-day EMAs around $0.200 on Monday after losses of over 8% in the previous week. The technical outlook suggests that bullish attempts remain vulnerable to selling pressure at higher levels.

Bitcoin: BTC retreats as macro headwinds grow
Bitcoin (BTC) remains under pressure, down over 4% this week and trading around $76,900 at the time of writing on Friday. Institutional demand shows signs of weakness as spot BTC Exchange Traded Funds (ETFs) are on track to end their three-week inflow streak, recording nearly $500 million in net outflows through Thursday.