Shiba Inu price kick-starts its 55% upswing, more gains on the horizon


  • Shiba Inu price catapulted after bouncing off two crucial support levels, $0.00000625 and $0.00000654.
  • The uptrend has tagged $0.00000870 but might rally another 17% before the bulls exhaust.
  • A breakdown of $0.00000727 might negate the favor that the buyers have.

Shiba Inu price has witnessed a massive expansion after consolidating for roughly two weeks. Although this rally was exponential, it has more room to move higher. Investors can expect a short-term consolidation or a minor pullback before SHIB tags its intended target.

Shiba Inu price breaks from barriers

Shiba Inu price shot up after consolidating around the $0.00000625 and $0.00000654 support levels for over two weeks. The 33% climb tagged the 50% Fibonacci retracement level at $0.00000870 but failed to close above it.

Going forward, investors can expect two things, a decisive 12-hour candlestick close above $0.00000870 that leads to more gains in the short term future or a minor pullback to $0.00000759 followed by a restart of the second run-up.

Either way, market participants need to understand that Shiba Inu price is nowhere near its intended target. The 62% Fibonacci retracement level at $0.00000954 and the 70% Fibonacci retracement level at $0.0000101 are two crucial barriers that the bulls have to overcome.

The most likely candidate that exhausts the upswing is $0.0000101, roughly 18% away from the current position.

SHIB/USDT 12-hour chart

SHIB/USDT 12-hour chart

On the other hand, a breakdown of the $0.00000759 support level will indicate a weakness among buyers and open the path for further downswings.

The next demand barrier at $0.00000727 is crucial, and its breakdown will invalidate the bullish thesis. Such a move might even trigger a potential selling pressure that might knock down Shiba Inu price to $0.00000654.

 

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

Latest Crypto News


Latest Crypto News & Analysis

Editors’ Picks

XRP constricts before breaking out to $1

XRP showed strong signs of recovery after the shock of this past Saturday’s flash crash wore off. The past three days of congestion after a strong rally from the lows may begin a new uptrend for XRP.

More Ripple News

Ethereum in a pennant, with bullish breakout as tailwinds reemerge

Ethereum (ETH) price has formed a pennant that quit rapidly after the big sell-off during the weekend. Between $4,646 and $4,060, the price ranges from lower highs and higher lows. 

More Ethereum News

Bitcoin needs support to hold, so that bulls can reclaim $50,000

BTC saw bulls attempting to pair back a significant piece of the occurred losses from last Saturday. But bulls have hit a curb after reclaiming $50,000, as price action fades below and tests the first real support for further downside. 

More Bitcoin News

Cardano price in phenomenal buying zone as ADA targets $3

A brief technical and on-chain analysis on Cardano price. Here, FXStreet's analysts evaluate different patterns and indicators that suggest ADA is primed to advance further.

More Cardano News

The bull and the bear case for BTC

Bitcoin price saw a recent bullish impulse that faced massive headwinds before it tagged a crucial psychological barrier. With directional bias and choppy price action, BTC is likely to experience massive volatility as the situation resolves over time. 

Read full analysis

BTC

ETH

XRP