|

Shiba Inu price in Catch-22 as price action could slide below $0.00001000 again

  • Shiba Inu price barely moves in Friday trading. 
  • SHIB could see a breakdown with a quick slide below $0.00001000.
  • The weekly low could get tested and print a negative performance for this week with a 5% devaluation at hand.

Shiba Inu (SHIB) price is trading sideways as the US trading session is underway before closing off this Friday. After some sharp moves and a pickup in volatility on Wednesday and Thursday, price action is nearly dead early Friday, moving as it is in a tight range. With the divergence in the Relative Strength Index (RSI) pointing to the downside, bears are silently planning a last push for this trading week below $0.00001000.

Shiba Inu price silently has bears creeping in from the back door

Shiba Inu price trading sideways to lower is an ideal trading moment for scalpers and one-minute traders that quickly jump on any high or low point to make money. A surprise is just around the corner though as the RSI is pointing to a decline nearby while price action is painting a green candle. This divergence points to bears at work and might see a bearish breakout any moment between now and the closing of the US session.

SHIB could quickly see a first spring toward $0.00001000 and a small pause there as it is a psychological level for most bulls. Once price action starts to slide below it, expect a sharp but brief falling knife that will hit $0.00000966 in a matter of seconds. 5% value will have been erased, and SHIB bulls will be facing a close below $0.00001000 before heading into the weekend as the worst possible scenario to close off this trading week.

SHIB/USD  4H-chart

SHIB/USD  4H-chart    

Over the weekend, bulls can let the dust settle and start to buy on the dip with price action slowly but surely making its way up above $0.00001000 again. From there, a staged recovery might emerge with first $0.00001060 as the level to get to. Once that turns over into bullish support, expect next another leg higher toward $0.00001080 to try and break above the 55-day Simple Moving Average before the weekend is over.

Author

Filip Lagaart

Filip Lagaart is a former sales/trader with over 15 years of financial markets expertise under its belt.

More from Filip Lagaart
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

Avalanche struggles near $12 as Grayscale files updated form for ETF

Avalanche trades close to $12 by press time on Wednesday, extending the nearly 2% drop from the previous day. Grayscale filed an updated form to convert its Avalanche-focused Trust into an ETF with the US Securities and Exchange Commission.

Bitcoin slips below $87,000 as ETF outflows intensify, whale participation declines

Bitcoin price continues to trade around $86,770 on Wednesday, after failing to break above the $90,000 resistance. US-listed spot ETFs record an outflow of $188.64 million on Tuesday, marking the fourth consecutive day of withdrawals.

Michael Selig assumes role as new CFTC Chair, what does this mean for crypto?

Michael Selig has been sworn in to serve as the 16th Chairman of the Commodity Futures Trading Commission. Selig was confirmed by the US Senate to head the commission last week, following his October nomination by the US President Donald Trump.

Crypto.com hires sports trader for event prediction market-making

Crypto.com plans to recruit a quant trader for the sports market-making team to buy and sell financial contracts related to these events. Opponents argue that internal trading desks put operators or their affiliates on the opposite side of customer trades. 

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.