- Shiba Inu price is colling down and is likely to continue its ascent.
- SHIB hints at a 10% rally to tag the bearish breaker’s lower limit at $0.00000871.
- A daily candlestick close below $0.00000752 will invalidate the bullish thesis.
Shiba Inu (SHIB) price shows signs of exhaustion and a potential pullback scenario, which could be an opportunity for patient buyers. A reset of the momentum indicators combined with the incoming pullback is likely to extend the ongoing rally.
Shiba Inu price to extend its uptrend
Shiba Inu (SHIB) price has rallied roughly 16% after breaking out from its downtrend and formed a local top at $0.00000824 on October 26. After this swing high was formed, the uptrend seemed heavy as the Relative Strength Index (RSI) did not confirm the price’s higher highs.
This non-conformity is a bearish divergence and often leads to a pullback or trend reversal. While that is true, sometimes, when the buying pressure is high, instead of a steep correction, there might be a minor pullback.
Considering the recent reversal of the downtrend, the chances of bulls failing are low. Hence, investors can expect Shiba Inu price to consolidate, allowing sidelined buyers to step in and trigger the extension of the upswing and tag the lower limit of the bearish breaker, extending from $0.00000871 to $0.0000102.
This move would constitute an 11% gain for Shiba Inu price traders.
SHIB/USDT 4-hour chart
On the other hand, if Shiba Inu price undergoes a steep correction and produces a daily candlestick close below $0.00000752, it will invalidate the bullish thesis. This move would produce a lower low and break a key support level.
In such a case, SHIB could crash 4.5% and tag the next support level at $0.00000709.
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.