- Shiba Inu price shows a bounce off the point of control (POC) at $0.0000118.
- A daily candlestick close below this level could trigger a 13% to 28% downswing.
- A bounce off $0.0000087 or $0.0000083 could trigger a 105% upswing in SHIB.
Shiba Inu price hovers around a stable support level formed over the last three months. A breakdown of this barrier could trigger a steep correction that could provide one of the best trading opportunities in this bear market.
Shiba Inu price at inflection point again
Shiba Inu price is currently grappling with a key support level provided by the POC at $0.0000118, which is the highest traded volume level since April 11. This level has been helpful in triggering run-ups for SHIB since July 29.
The most recent bounce led to a 53% ascent, creating a double top at $0.0000180. Since then, Shiba Inu price has undone the gains and is back at the POC, looking for a refill.
While this resurgence of buyers might arrive and trigger a quick run-up, investors need to think about the long game and big gains. For this outlook, market participants should be comfortable in tolerating a breakdown of the POC at $0.0000118 and a decline of 9% to retest the immediate support level at $0.0000106.
In some cases, SHIB could stoop as low as $0.0000083 to fill the imbalance at these levels. Assuming Shiba Inu price does this and then recovers above the weekly support level at $0.0000087, investors can expect this development to trigger a massive run-up.
A 104% rally is potentially predicted that will allow SHIB price to sweep the equal lows formed at $0.0000180. Therefore, only patient buyers will have the chance to get on this train and ride it to the destination.
SHIB/USDT 4-hour chart
While the bullish outlook does look promising, the correction to $0.0000087 might be cut short at the $0.0000106 support level. In this case, Shiba Inu price may rally only 68%.
However, if SHIB produces a daily candlestick close below $0.0000074 without a quick recovery, it will create a lower low and invalidate the bullish thesis for Shiba Inu price.
Note:
The video attached below provides a short-term outlook of Shiba Inu price instead of the mid-term outlook described above.
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
Google, Apple could remove Binance from their app store on Philippines SEC request
The Philippines SEC has requested Google and Apple to remove applications controlled by Binance from their App stores. The exchange’s Philippines-based users are finding the exchange inaccessible to remove their funds.
XRP rallies as Ripple slams SEC for penalties, asks regulator to establish likelihood of future violations
Ripple filed its response to the SEC lawsuit on Monday, arguing that XRP institutional sales before and after the court ruling show no disregard for the law. The firm asks for a civil penalty of no more than $10 million against the $2 billion requested by the SEC.
Here’s why Ondo price hit new ATH amid bearish market outlook Premium
Ondo price shows no signs of slowing down after setting up an all-time high (ATH) at $1.05 on March 31. This development is likely to be followed by a correction and ATH but not necessarily in that order.
PENDLE price soars 10% after Arthur Hayes’ optimism on Pendle derivative exchange
Pendle price is among the top performers in the cryptocurrency market today, posting double-digit gains. Its peers in the altcoin space are not as forthcoming even as the market enjoys bullish sentiment inspired by Bitcoin (BTC) price.
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?