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Shiba Inu Price Forecast: SHIB could rally 10%

  • 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

Also read: Shiba Inu’s SHIB price set to rally 22% following PEPE and FLOKI’s explosive moves

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.

Read more: Shiba Inu price rises 6% as SHIB pivots to the lower mean threshold

SHIB/USDT 4-hour chart

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.

 

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.

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