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Shiba Inu price might ride Bitcoin adoption wave and rally 45% soon

  • Shiba Inu price has shown a massive performance since June 8.
  • Although SHIB rides hype waves, it has reacted well to Bitcoin news and might continue to do so.
  • A 45% upswing might follow a minor retracement toward critical support levels to $0.0000107.

Shiba Inu price saw a massive downtrend between May 24 and June 12, which shattered the May 19 and May 23 lows to set up new ones. Despite a vast drawdown, the recovery for SHIB has been quite spectacular. 

More importantly, Shiba Inu price is reacting to significant developments in the cryptocurrency space as well as celebrity endorsements, which has boded well for the meme coin.

Bitcoin’s increasing influence on meme coin community

El Salvador accepting Bitcoin as legal tender was crucial to the cryptocurrency ecosystem, and BTC price reacted accordingly. Interestingly, this news led Shiba Inu price to form a bottom due to the announcement and also rallied 22% as a result.

Soon thereafter, Coinbase announced that it would list Shiba Inu, which pushed the market value of the dog-themed crypto by a whopping 50% in less than 16 hours.

A similar uptrend was noticed after Elon Musk tweeted about Shiba Inu on June 25. 

While these events have already occurred, payments giant NCR’s decision to offer bitcoin purchases to its 24 million customers is the next big wave of adoption, which might positively sway Shiba Inu price.

On June 30, Atlanta-based NCR made a deal with NYDIG, a digital asset management firm, to offer Bitcoin purchases to its customers spread across 650 banks in the US. This decision comes as NCR plans to ride the cryptocurrency hype wave, which is becoming apparent recently.

NCR will skirt the complications of holding cryptocurrencies by leveraging NYDIG’s well-known digital asset custody services.

Regardless, this is a huge step forward for the adoption of Bitcoin and cryptocurrencies in general. Therefore, investors can expect a positive trend for BTC, Shiba Inu and other altcoins in the second half of this week.

Shiba Inu price might retrace before blasting off

Shiba Inu price is currently retracing after tagging the 62% Fibonacci retracement level at $0.00000954 for the fourth time over the past month.

The pullback is likely to continue until SHIB finds support at $0.00000811 or $0.00000739. At either of these two demand barriers, investors can expect the resurgence of buyers that might catapult Shiba Inu price forward.

If this were to occur, SHIB is likely to slice through the 62% Fibonacci retracement level at $0.00000954, followed by a retest of the 70.5% Fibonacci retracement level at 0.0000104, a 45% upswing from the support level at $0.00000739.

In a highly bullish case, the meme coin can be expected to produce a decisive 4-hour candlestick close above the 79% Fibonacci retracement level at $0.0000122. 

If the buying pressure continues after this development, Shiba Inu price might redefine the upper range.

SHIB/USDT 4-hour chart

SHIB/USDT 4-hour chart

On the flip side, if SHIB fails to slice through $0.0000122 and stay above it, it will indicate that investors are more interested in short-term profits, which might result in a downswing to $0.0000101 or if the market participants continue to book profits, $0.00000954.

This move would not be a bearish indication but suggests that Shiba Inu price might take another jab at retesting the upper range.

However, if the meme coin breaks down the support barrier at $0.00000625, the chances of an upswing would be reduced dramatically. In such a case, Shiba Inu might drop to the range low at $0.00000517.

Author

Akash Girimath

Akash Girimath is a Mechanical Engineer interested in the chaos of the financial markets. Trying to make sense of this convoluted yet fascinating space, he switched his engineering job to become a crypto reporter and analyst.

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