|

Shiba Inu price consolidates to continue its 38% advance

  • Shiba Inu price is bouncing off a crucial support level at $0.00000811.
  • A decisive close above the 50% Fibonacci retracement level at $0.00000870 will confirm the start of an upswing.
  • If SHIB slices through the demand zone at $0.00000700, it will end the bullish thesis.

Shiba Inu price bounced off a support level thrice over the past five days. This consolidation is likely to lead to a massive uptrend that slices through immediate barriers in an attempt to tag the range high.

Shiba Inu price prepares to launch

Shiba Inu price sliced through the 50% Fibonacci retracement level at $0.00000811 on June 29 and pierced the subsequent resistance ceilings. However, a failure to sustain above it pushed the meme coin back to the support level at $0.00000811, which has been tested thrice over the past five days.

A potential spike in buying pressure that shatters the midpoint of the range will confirm the start of an uptrend.

In such a case, SHIB will face ceilings at $0.00000954, $0.00001010 and $0.00001070, representing the 62%, 70.5% and 79% Fibonacci retracement levels, respectively. These barriers are high probability reversal zones, so the bulls need to slice through this area and tag the resistance barrier at $$0.00001120, roughly a 38% advance from $0.00000811.

In a highly bullish case, Shiba Inu price might even tag the local high at $0.00001220, signaling an attempt to move out of the current range or set up a new one.

SHIB/USDT 4-hour chart

SHIB/USDT 4-hour chart

On the other hand, if Shiba Inu fails to breach through the 50% Fibonacci retracement level at $0.00000870, it will signal weakness among buyers.

Such a development will push SHIB down to the support barrier at $0.00000811, and if the selling pressure continues to increase, the foothold at $0.00000739 might be tagged.

A breakdown of the demand floor at $0.00000700 will invalidate the bullish outlook and trigger a 10% sell-off to $0.00000625.

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

Cardano holds steady as bulls intensify push for breakout

Cardano rises above the 50-day EMA resistance amid a risk-on mood across the crypto market. The MACD upholds positive divergence, increasing the potential for a 20% breakout to $0.505.

XRP poised for breakout as ETF inflows and bullish momentum align

Ripple is showing strength, trading at $2.36 at the time of writing on Tuesday. The cross-border remittance token has maintained a steady uptrend for six consecutive days, underscoring steady inflows into XRP spot Exchange Traded Funds.

Crypto Today: Bitcoin, Ethereum, XRP uptrend cools amid surging ETF inflows

Bitcoin is retracing toward support at $93,000 at the time of writing on Tuesday, after reaching a previous day’s high of $94,789. Ethereum and Ripple uptrend has cooled after several days of persistent gains, suggesting potential profit-taking.

Bitcoin holds above $93,000 as ETF inflows continue and Strategy boosts holdings

Bitcoin price trades around $93,000 at the time of writing on Tuesday, pausing near a key resistance zone after its recent advance. Institutional demand remains supportive, with US-listed spot ETFs recording their largest single-day inflow since early October.

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.