|

Shiba Inu price mulls over the next 50% rally

  • Shiba Inu price consolidates after undoing the recent 33% upswing.
  • A retest of the volume point of control at $0.0000118 could be key in triggering another 50% rally.
  • A daily candlestick close below $0.0000118 will invalidate the bullish thesis.

Shiba Inu price seems to be back at square one after undoing its recent yet explosive rally. This development comes as Bitcoin price also tumbled down from $25,000. However, the meme coin is likely to provide another opportunity before triggering an aggressive rally.

Shiba Inu price finds launchpad

Shiba Inu price inflated by nearly 35% in a single daily candlestick on August 14 and set up a swing high at $0.0000180. While this impressive rally was seen in Dogecoin price afterwards, SHIB seems to have lost its momentum, leading to a reversal.

Roughly four days later, the gins witnessed were completely undone due to an increase in selling pressure from investors booking profits.

The ongoing SHIB retracement is likely to move a little lower and retest the point of control (POC) at $0.0000118, which serves as a support floor. Since this point is the highest traded volume level, it will likely induce Shiba Inu buyers to step up and absorb the incoming selling pressure.

Such a development could see SHIB trigger a minor rally, which market participants can capitalize on. The resulting uptrend could push Shiba Inu price to either create a double top at $0.0000180 or push through it and set up a swing high at $0.0000200. This move could constitute a 50% upswing.

SHIB/USDT 4-hour chart

SHIB/USDT 4-hour chart

On the other hand, if Shiba Inu price fails to stay above the POC at $0.0000118, it will denote a surging seller activity. In such a case, a daily candlestick close below the aforementioned level will invalidate the SHIB recovery outlook and potentially trigger a 10% drop to retest the $0.0000106 foothold.

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.

More from Akash Girimath
Share:

Editor's Picks

XRP defends $1.30 support as Ripple partners with Arf to bring RLUSD settlement liquidity to XRPL

Ripple holds near recently confirmed support at $1.30 on Friday, as bulls eye a short-term recovery toward $1.40. The remittance token’s upside remains capped by structural levels, suggesting recovery would depend on whether buyers can sustain momentum.

Bitcoin Weekly Forecast: BTC extends pullback as ETF inflows clash with risk-off sentiment

Bitcoin remains under pressure, trading around $81,800 on Friday, recording modest losses so far this week. Despite a mild pullback, institutional demand showed signs of a comeback with spot ETFs recording $442.67 million in net inflows through Thursday.

Crypto Today: Bitcoin holds the 50-day EMA as Ethereum and XRP face structural resistance

Bitcoin gradually ticks up on Friday, trading above $81,000. The Crypto King has recently defended structural support near $80,000, reinforcing the prevailing bullish outlook. Ethereum similarly edges higher above $2,400, while Ripple trades above $1.32 after testing support around $1.30.

Pi Network holds modest gains as mixed technicals curb upside

Pi Network (PI) price is up 2% on Friday, showing signs of recovery while the broader cryptocurrency market faces near-term weakness. The crypto market sentiment eases to neutral from bullish amid rising long liquidations.

Bitcoin extends pullback as ETF inflows clash with risk-off sentiment

Bitcoin remains under pressure, trading around $81,800 on Friday, recording modest losses so far this week. Despite a mild pullback, institutional demand showed signs of a comeback with spot Exchange Traded Funds recording $442.67 million in net inflows through Thursday.