• SHIB price has strong Fibonacci targets well above 30%.
  • Shiba Inu price has moving averages coinciding with higher targets.
  • Invalidation is a breach at the swing low at $0.00001704.

Shiba Inu price gives reason to believe in a 30% countertrend rally at a minimum. The invalidation level lies 15% below $0.00001704.

Shiba Inu price to rally soon

Shiba Inu price has produced choppy sideways price action for over one year. Erratic swings accompanied with puzzling price action spells for a triangle formation. A Fibonacci retracement level surrounding the prior swing high to swing low also has a strong 61.8% target marked at $0.00002741, which would result in a 36% increase from the current SHIB price of $0.00002020. 

Shiba Inu price also has significant 50- and 100-day moving averages that coincide with the higher Fibonacci targets. Because of the bears' overall choppy price action and tapering volume, the current year-long downtrend is deemed a corrective structure due to an impulsive rally to balance out the wave structure. 

TM/Shib/5/522

SHIB/USDT 2-Day Chart

Invalidation of the uptrend scenario will be a breach of the swing low at $0.00001704. If the bears can reach this level, the SHIB price could continue falling to %$0.00001377, resulting in a 30% decrease from the current Shiba Inu price.

 

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

Can Solana price enter a 50% relief rally?

Can Solana price enter a 50% relief rally?

Solana price is in the beginnings of a quick recovery rally that could propel it back to levels that were last seen nearly two weeks ago. Two technicals back the claim for why SOL could be ready for this ascent.

More Solana News

Ethereum Price Prediction: ETH will sweep the lows at $1,500

Ethereum Price Prediction: ETH will sweep the lows at $1,500

Ethereum price displays reasons to believe in a ‘sweep the lows’ event in the coming days. Traders should approach the smart contract blockchain with caution.

More Ethereum News

Assessing the possibility of a 40% upswing for Cardano

Assessing the possibility of a 40% upswing for Cardano

Cardano price is in a spot favorable for the bulls and short-term traders as a rally might be in the works. A minor retracement will allow interested buyers an opportunity to accumulate ADA at a discount before catalyzing an explosive uptrend.

More Cardano News

Bitcoin Weekly Forecast: The last rebound before capitulation

Bitcoin Weekly Forecast: The last rebound before capitulation

Bitcoin price is showing bullish signs in the lower time frames, which can be taken advantage of by traders in the next couple of days. But looking at BTC from the highier time frames suggests that the bottom is not in yet.

More Bitcoin News

Bitcoin: The last rebound before capitulation

Bitcoin: The last rebound before capitulation

Bitcoin is showing bullish signs in the lower time frames, which can be taken advantage of by traders in the next couple of days. But looking at BTC from the higher time frames suggests that the bottom is not in yet.

Read full analysis

BTC

ETH

XRP