• Shiba Inu price has dropped 18% into a high probability reversal zone, hinting at a new leg-up.
  • Investors can expect SHIB to shatter intermediate resistance levels and tag the $0.0000625 resistance level.
  • A breakdown of the $0.0000362 support will invalidate the bullish thesis.

Shiba Inu price looks ready for a reversal as it enters a crucial support area that is likely to trigger a massive uptrend. This move has a high chance of occurrence as it allows sidelined buyers who missed the initial run-up to get in on the next leg-up.

Shiba Inu price prepares for liftoff

Shiba Inu price rose 50% in under two days as it triggered an upswing on November 28. This rally set up a swing high at $0.0000543 and has dropped 23% to where it currently trades - $0.0000422.

Interestingly, SHIB has entered the high probability reversal zone, extending from $0.0000400 to $0.0000431. This is an oversold area that is likely to trigger an inflow of buying pressure from investors that missed the initial spike in price.

Therefore, market participants can expect Shiba Inu price to reverse its downtrend soon. The resulting uptrend will take a jab at the range high at $0.0000543 and attempt to move higher. In this case, SHIB will revisit the $0.0000579 and $0.0000625 resistance barriers.

In total, this run-up from $0.0000415 would indicate a 50% gain for Shiba Inu price. 

SHIB/USDT 4-hour chart

SHIB/USDT 4-hour chart

While things are looking gloomy at the moment, investors can expect a decent bounce from Shiba Inu price soon. A failure to do so could result in a breakdown of the 79% Fibonacci retracement level at $0.0000400 and a revisit of the range low at $0.0000362.

A daily close below this level will create a lower low and invalidate the bullish thesis. In such a case, Shiba Inu price could tag the $0.0000330 support level.


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.

Cryptos feed Join Telegram

Recommended content

Recommended Content

Editors’ Picks

Are your bags packed for FOMO Season?

Are your bags packed for FOMO Season?

Crypto markets shows strength to start the second trading week of August, and key levels have been identified. Although it's still early market, current prices may be the ultimate discount in hindsight. BTC follows through on the bullish technicals mentioned in previous outlooks. ETH continues to display strength in the market. XRP seems poised for a rally. Invalidation of the up trend is vital.

More Cryptocurrencies News

Bitcoin price ekes out a 15% move as whales return

Bitcoin price ekes out a 15% move as whales return

BTC reaffirms a triangle breakout to $28,000 after surpassing $24,000. Whales holding 1,000 and more coins grow to 2,051 from 2,040 in a week. Bitcoin price is required to make a daily close above $24,000 to reinforce the move to $28,000.

More Bitcoin News

3 Reasons why Dogecoin price is ready to go ballistic

3 Reasons why Dogecoin price is ready to go ballistic

Dogecoin price sits on the edge of a 26.23% climb to $0.0888. Elon Musk believes DOGE has a larger total transaction capability than Bitcoin. Mark Cuban is confident that Dogecoin potentially has more applications compared to Cardano.

More Dogecoin News

Cardano price edges closer to a massive breakout after months of trying

Cardano price edges closer to a massive breakout after months of trying

A brief technical and on-chain analysis on Cardano price. Here, FXStreet's analysts evaluate where ADA could be heading next. 

More Cardano News

Bitcoin: If bulls lose control here, BTC could revisit $21,000

Bitcoin: If bulls lose control here, BTC could revisit $21,000

Bitcoin price shows an interesting setup that could reveal its next move. On closer inspection,  its technicals support a bearish outlook for the leading crypto.  

Read full analysis