- Shiba Inu has been on a tear since Thursday.
- Bulls will have more upside insight as sellers have no entry points for opposing forces.
- The first target lined up is $0.00001115, which already counts for 26% of gains.
Shiba Inu (SHIB) is surfing on a favorable tailwind and has washed sellers out of their positions, with stops being run. Buyers were in for a rocket launch to the moon, and the trip did not look to be halting anytime soon. With the monthly R1 resistance level at $0.00000900, buyers will want to book some profit, and new buyers will want to average in on a new trade.
Shiba Inu is offering bulls who came too late to the party another entry
Shiba Inu’s price action shot through the roof Thursday and hit the high from August 17, near $0.00000950. This way, SHIB is forming a double top and an incentive for bulls to do better. Buyers will have already booked quite some substantial profit, so the risk is now that this rally could quickly start to fade. A medium-term descending trend line might do the trick to keep buyers in check and add a new volume to the rally. This trend line originates from May 24, and the high of August 17 acted as one of its conformation points. A minor short-term correction is normal as price action in Shiba Inu is overheated. Buyers who want to join the party will use this short-term cooldown as an entry to load up on Shiba Inu coins.
SHIB/USD daily chart
Once buyers are ramping up price action again in SHIB, expect a re-break of that double top that only holds intermediary importance. From there, not much in the way for another leg higher toward $0.00001110 to $0.00001115. Here Shiba Inu will start to show signs of the rally slowing down again, as this is both a historical zone and the monthly R2 resistance level will try to cap any further upside. The holy grail of profits for the bulls will await around $0.00001215. This region, however, will be the absolute stop as SHIB price action has two historical levels here and the monthly R3 resistance level is all but inches apart from them. Expect this region to be the ultimate stop for this rally, and sellers will then take over.
If the rally fades earlier, expect a retrace toward $0.00000760. That will still hold some importance as a baseline, and buyers will want to avoid falling back in the range trade where SHIB was stuck in for almost a whole month.
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
Ripple wipes out weekly gains, experts comment on role of Ripple stablecoin
Ripple declined to $0.52 on Thursday, erasing all gains registered earlier this week. Ripple SVP Eric van Miltenburg’s comments on the firm’s stablecoin, and how it is expected to benefit the XRP Ledger and native token XRP have raised concerns among crypto experts.
Hedera HBAR slips nearly 10% after air is cleared on mistaken link with giant BlackRock
HBAR price is down nearly 10% on Thursday, partly erasing gains inspired by the misinterpreted link with BlackRock. Despite the recent correction, Hedera’s price is up 44% in the past seven days.
The reason behind Bonk’s 105% rise and if you should buy now Premium
Bonk price has shot up 105% in the past five weeks. A retracement into $0.0000216 or the $0.0000152 to $0.0000186 imbalance would be a good buying opportunity. Patient investors can expect double-digit gains from BONK that could extend up to 70%.
Injective price weakness persists despite over 5.9 million INJ tokens burned
Injective price is trading with a bearish bias, stuck in the lower section of the market range. The bearish outlook abounds despite the network's deflationary efforts to pump the price. Coupled with broader market gloom, INJ token’s doomed days may not be over yet.
Bitcoin: BTC post-halving rally could be partially priced in Premium
Bitcoin (BTC) price briefly slipped below the $60,000 level for the last three days, attracting buyers in this area as the fourth BTC halving is due in a few hours. Is the halving priced in for Bitcoin? Or will the pioneer crypto note more gains in the coming days?