|

Shiba Inu holders get Christmas early as SHIB price eyes 25% upswing

  • Shiba Inu price has seen an explosive 34% advance over the last 48 hours.
  • A minor retracement should give buyers a chance to recuperate, triggering another 25% upswing. 
  • A breakdown of the range low at $0.0000282 will invalidate the bullish thesis.

Shiba Inu price experienced a bullish onslaught over the last two days, resulting in an exponential upswing. The run-up, while impressive, failed to collect liquidity resting above a crucial level. Therefore, investors can expect SHIB to retrace briefly before seeing another leg-up.

Shiba Inu price looks ready for more gains

Shiba Inu price rallied roughly 34% in under two days, setting up a swing high at $0.0000378. The uptrend was a result of a liquidity run and a bounce off a significant support level. The run-up was supposed to collect the buy-stops resting above $0.000080, but the bulls fell short.

Investors can expect Shiba Inu price to see a pull-back to the 50% retracement level at $0.0000330 or the 70.5% retracement level at $310. Either way, a bounce off these levels will allow sidelined investors to jump on the bandwagon, triggering another run-up.

From the 62% retracement level at $0.0000318, Shiba Inu price can rally 19% before it approaches the $0.0000380 hurdle to collect the liquidity resting above it. Continued growth in bullish momentum will see SHIB continue this ascent to $0.0000412, suggesting a 25% rally.

SHIB/USDT 4-hour chart

SHIB/USDT 4-hour chart

All in all, Shiba Inu price looks primed for another rally. However, if SHIB fails to hold above the 79% retracement level at $0.0000302, it will indicate weakness among buyers. If this selling pressure continues, pushing SHIB to produce a 4-hour candlestick close below $0.0000282, it will create a lower low, invalidating the bullish thesis.

In this scenario, Shiba Inu price could crash 4% to revisit the $0.0000270 support floor.

Author

Akash Girimath

Akash Girimath is a Mechanical Engineer interested in the chaos of the financial markets. Trying to make sense of this convoluted yet fascinating space, he switched his engineering job to become a crypto reporter and analyst.

More from Akash Girimath
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

Aave Price Forecast: AAVE eyes bullish breakout as on-chain and derivatives data turns supportive

Aave (AAVE) price hovers around $172 on Wednesday, nearing the upper trendline of the falling parallel channel pattern. A break above this technical pattern favors the bulls.

Hyperliquid Price Forecast: HYPE consolidates below 50-day EMA as bullish bias strengthens

Hyperliquid (HYPE) experiences a pullback of over 1% at press time on Wednesday, struggling to extend the breakout rally of a resistance trendline.

Top 3 Price Prediction: Bitcoin, Ethereum, Ripple cool off as rally stalls near key resistance zones

Bitcoin, Ethereum, and Ripple prices are taking a breather on Wednesday near their key resistance levels following the recent surge. BTC faces rejection at the $94,253 level, while ETH and XRP follow BTC’s footsteps, struggling near $3,308 and $2.35, respectively.

Top Crypto Gainers: JasmyCoin rallies as Cosmos and Bittensor retreat

JasmyCoin (JASMY), Cosmos (ATOM), and Bittensor (TAO) are among the top-performing cryptocurrency assets in the last 24 hours.

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.