- Shiba Inu price stands pat and is almost unchanged for the day after a volatile session on Monday.
- SHIB price uses the 55-day SMA as an anchor point with bulls and bears in distribution mode.
- Expect to see a drop back to $0.00002200 as bulls cannot make new highs against the high of Monday.
Shiba Inu (SHIB) price had a whipsaw move on Monday during ASIA PAC , and during the European session price action remained subdued. Towards the US close, however, SHIB price finally printed positive numbers. Today, although positive, SHIB has issues moving to the upside as another round of dollar strength is putting a drag on SHIB price. Expect to see bulls giving up on their attempts and setting the scene for a 10% drop on the back of big-tech earnings from Microsoft and Alphabet after the US closing bell, which could possibly see a Netflix repetition like last week.
SHIB price awaits Microsoft and Alphabet in fear of Netflix repetition
Shiba Inu price saw a massive move on Monday as investors were quick to sell the fact and ejected any significant portions of risk assets. But sentiment changed as US investors triggered spillover effects, with the Nasdaq rallying over 1% near the close, pulling up cryptocurrencies with it. That move will have hurt plenty of bears that got short around the 55-day Simple Moving Average (SMA).
SHIB price looks set to tank another level as bulls cannot materialise a follow-through and make new highs to show conviction in markets, giving encouragement to sidelined investors. Expect to see a drop back below the red descending trend line with acceleration if Microsoft or Alphabet informs markets about smaller earnings or headwinds for the next quarter. That will trigger a drop towards $0.00002150, or roughly 11%.
SHIB/USD daily chart
A repetition of Monday’s playbook could be the scenario at the other end of the spectrum today. Should both Microsoft and Alphabet print good earnings and solid numbers, expect the dollar to back off a bit and open some room for SHIB price to move to the upside. That would mean a pop back above the 55-day SMA and even above the monthly pivot at $0.00002600.
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.
Recommended Content
Editors’ Picks
Ethereum fees drops to lowest level since October, ETH sustains above $3,200
Ethereum’s high transaction fees has been a sticky issue for the blockchain in the past. This led to Layer 2 chains and scaling solutions developing alternatives for users looking to transact at a lower cost.
Solana, Base and AI meme coins rally, are speculative tokens making a comeback?
Meme coins are typically considered more speculative than the rest of cryptocurrency categories. Despite the label, hedge funds and institutional investors have warmed up to meme coins this cycle.
RWA narrative could make a comeback after nearly 50% correction in CFG, ONDO, MKR
Bitcoin halving and developments in the AI sector are the key narratives this cycle. The Real World Asset (RWA) tokenization narrative gathered steam with BlackRock’s tokenized asset fund launch on Ethereum in March 2024.
These cryptocurrencies could face selling pressure according to an analyst: STRK, ENA, OMNI, JUP, ONDO
Thor Hartvigsen, investor at Heartcore Capital and a crypto analyst has identified a list of cryptocurrencies that are expected to see a massive increase in their supply. Typically, an increase in selling pressure negatively impacts an asset’s price.
Bitcoin: BTC’s next breakout could propel it to $80,000 Premium
Bitcoin’s (BTC) recent price consolidation could be nearing its end as technical indicators and on-chain metrics suggest a potential upward breakout. However, this move would not be straightforward and could punish impatient investors.