|

Is there any correction expected for SHIB?

The majority of the coins remain in the green zone except for Bitcoin (BTC), whose rate has declined by 0.17% over the past 24 hours.

Chart

Top coins by CoinMarketCap

SHIB/USD

SHIB keeps setting new peaks, rocketing by 17.38% since yesterday.

Chart

SHIB/USD chart by TradingView

On the hourly chart, SHIB made a false breakout of the 4,800 satoshi mark supported by the increasing trading volume.

In terms of the nearest price action, the decline may continue to the liquidity zone at 4,000 satoshis, where bulls may again seize the initiative.

Chart

SHIB/USD chart by TradingView

On the 4H chart, the drop may continue as buyers have no power to keep the rise going. In this case, the correction may last until SHIB makes a retest of the support at 3,528 satoshis. Such a scenario is valid until the end of the current week.

Chart

SHIB/USD chart by TradingView

SHIB has been rising for the last five days, which confirms the current bullish trend. However, SHIB is overbought to a certain extent, which means that bulls can face a short-term correction to get more energy for continued growth.

The fall may bring SHIB to the nearest support at 3,200 satoshis shortly.

SHIB is trading at 4,625 satoshis at press time.


Read full original article on U.Today

Author

Denys Serhiichuk

With more than 5 years of trading, Denys has a deep knowledge of both technical and fundamental market analysis.

More from Denys Serhiichuk
Share:

Markets move fast. We move first.

Orange Juice Newsletter brings you expert driven insights - not headlines. Every day on your inbox.

By subscribing you agree to our Terms and conditions.

Editor's Picks

Ethereum Price Forecast: EF outlines ways to solve growing state issues

Ethereum price today: $2,920. The EF noted that Ethereum's growing state could lead to centralization and weaken censorship resistance. The Stateless Consensus team outlined state expiry, state archive and partial statelessness as potential solutions to the growing state load.

Top 3 Price Prediction: Bitcoin, Ethereum, Ripple – BTC, ETH and XRP correction slide as BoJ rate decision weighs on sentiment

Bitcoin (BTC), Ethereum (ETH), and Ripple (XRP) are extending their correction phases after losing nearly 3%, 8%, and 10%, respectively, through Friday.

Top Crypto Losers: Pump.fun, Pudgy Penguins, and Hyperliquid extend bearish streak

Pump.fun, Pudgy Penguins, and Hyperliquid lose ground in an extended bearish streak, recording double-digit losses this week. The surprise drop in the November US CPI to 2.7%, beating expectations of 3.1%, fueled a rally in the stock market.

Bitcoin, Ethereum, XRP face sharp volatility as US posts lowest inflation rate in years

Bitcoin, Ethereum and XRP saw increased volatility following the US CPI report for November. The US headline inflation dropped to 2.7% while core CPI fell to 2.6%, its lowest level since March 2021.

Orange Juice Newsletter – Smart insights by real people. Every day.

A free newsletter highlighting key market trends to help traders stay a step ahead. Daily insights on the most relevant trading topics, compiled by our experts in an easy-to-read format so you never miss an important move.

Bitcoin: Fed delivers, yet fails to impress BTC traders

Bitcoin (BTC) continues de trade within the recent consolidation phase, hovering around $92,000 at the time of writing on Friday, as investors digest the Federal Reserve’s (Fed) cautious December rate cut and its implications for risk assets.