Shiba Inu plays ‘The Clash’: should bulls stay or should they go?

Shiba Inu price is at a big crossroads with several elements intersecting and aligning.
SHIB price could either enter a bear cycle or a bull cycle.
Expect to see a possible uptick and bull cycle with gains of as much as 40%.

Shiba Inu (SHIB) price action is playing a famous song from the British band ‘The Clash,’ that most people probably know: “Should I stay or Should I go?” The question will probably be on the lips of SHIB bulls as well, as they are at the crossroads between a bull run that holds potentially 7.15% initially, while at least 16.70% of decay looms to the downside. For now bulls have the upper hand as several supportive elements are underpinning price action and preventing it from falling.

SHIB price at a crossroads

Shiba Inu price is trading around two big technical elements that could be crucial for the price action. First is the pivotal historical level at $0.00001209, which has shown its importance with several daily openings and closes near its level. The second element in play is the 55-day Simple Moving Average, which bulls are trying to claw above.

SHIB price thus looks a bit trapped. Overall, a breakout is likely that could fall in favour of bulls. One supportive element is that the Relative Strength Index (RSI) is slightly tilted to the downside. Once bulls can trade north of $0.00001400, expect a rally up to roughly $0.00001500.

SHIB/USD Daily chart

Shiba Inu price action could drop as much as 16.70% if a fade gets underway. Should price action stay trapped between the 55-day SMA and that pivotal level, expect to see bulls starting to feel the scene and trigger a selloff. Once price action breaks below $0.00001209 firmly, expect an accelerated move towards the$0.00001000 round number marker.

Share: Cryptos feed

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.

Join Telegram