- Shiba Inu price is stuck in a bearish triangle with a price target at $0.00004490.
- SHIB price sees buyers still interested as RSI not trading in oversold territory.
- Expect bulls to step in below the pivot with $0.000050000 and $0.00004490 as entry points.
Shiba Inu (SHIB) price is caught in a bearish triangle and is set to break back below the monthly pivot and 50% Fibonacci level. With the Relative Strength Index still above 50, bears still have plenty of room to run prices to the downside as SHIB bears look to complete the triangle. Expect a break towards the base of the triangle at $0.00004490 and a possible bounce off the 61.8% Fibonacci level, at the same level.
Shiba Inu bulls await triangle completion before bullish breakout
Shiba Inu price already saw quite the bullish response on November 4, when SHIB price dipped temporarily below the 61.8$ Fibonacci level at $0.00004490 before recovering. That level also falls in line with a technical pivot level from October 24. The bulls got rejected first at this level from making a new high, but made a clear break higher days after that.
SHIB price will see bears first trying to complete the bearish trend by completing the triangle with a further touch at that same pivot and Fibonacci level near $0.00004490. As the red descending trend line is very well respected with three retests, expect bears to squeeze bulls out of their long-entries above the monthly pivot at $0.00005435 and the 50% Fibonacci level at $0.00005690.
Once bears have completed their triangle play down to $0.0000490, expect bulls to pick up Shiba Inu price action and defend this level once again. By then, the RSI will be threading below 50 and will signal the green light for buyers to step in and buy SHIB coins at a discount. If more positive tailwinds emerge, expect the buy-side volume to explode once the red descending trend line is broken, with $0.00008373 as profit target to the upside.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Follow us on Telegram
Stay updated of all the news
Bitcoin likely to remain in red through the next quarter if history is any indication
Bitcoin (BTC) price produced a monthly close at $27,210, noting a -6.92% return for May. The last-minute slide in BTC put an end to the four-month bullish streak that kickstarted the 2023 rally.
Ethereum vs. SEC: Implications of Wahis’ insider trading settlement on ETH
Ethereum (ETH) is the subject of a new controversy, with the second-largest crypto finding itself in the rut after the United States Securities and Exchange Commission (SEC) settled its insider trading case against the Wahi brothers.
Justin Sun’s TRON hits all-time high of 10.9M daily transactions, braving crypto winter
Justin Sun, the founder of TRON – one of the largest decentralized blockchain DAO ecosystems in crypto – shared a new milestone for the token on Thursday. TRON processed 10.9 million in daily transactions, hitting a record high.
Ethereum fees decline by 70% from 2023 highs as top DeFi protocols lose users
Ethereum is currently facing trouble in the spot market due to the broader market bearishness as well as investors' skepticism. But while the spot market only recently took a turn for the worse, the DeFi space has been only negative for a long time.
Bitcoin: BTC delays inevitable crash to $25,000
Bitcoin price is delaying a crash that has been brewing for roughly two weeks. A failure to push higher could result in a steep correction next week. The troubling macroeconomic conditions could be key in catalyzing and trigger a nosedive for BTC holders.