|

Shiba Inu price nears support where bulls can realizeze 25% upswing in SHIB

  • Shiba Inu price takes a step back as stock markets and risk assets tank.
  • SHIB bounces off an important trend line that has been present since December.
  • Expect support to swing in and push price action higher with a test at $0.00001600 due.

Shiba Inu (SHIB) price has tanked over 4% since Tuesday as traders are getting worried about a potential plateau and rising inflation worldwide. Next to that, markets are reacting to another round of layoffs from a few big US companies, and more earnings are hitting the wires. Though sentiment might look negative, the current developments will prove why SHIB could rally 25% in the coming days.

Shiba Inu price is selling the rumor now and buying the fact later

Shiba Inu price sees opportunistic traders heading for the exit and cashing in on their profits after another strong rally since the beginning of February. A big line in the sand for the rally since January is coming from the orange ascending trend line, which is holding strong relevance in this rally. SHIB dropped lower before bouncing higher off that trendline.

SHIB traders will see smarter money enter the orange ascending trend line with a longer-term projection of when to get out. That makes each bounce in SHIB more successful and could cause a massive upside explosion in the near future. Once the bounce tops $0.00001400, the road is paved for $0.00001600 with a 25% gain.

SHIB/USD daily chart

SHIB/USD daily chart

A firm break of the orange ascending trend line would indicate a clear and present danger that the full rally can be unwound. Any catalyst of the geopolitical, data or central bank sort could do the trick. Luckily, near $0.00001100 the 200-day Simple Moving Average aligns with the monthly pivot to preserve losses at about 13%.

Author

Filip Lagaart

Filip Lagaart is a former sales/trader with over 15 years of financial markets expertise under its belt.

More from Filip Lagaart
Share:

Editor's Picks

XRP Price Forecast: XRP trades sideways as Ripple targets 10 million agentic AI transactions
Ripple (XRP) is losing momentum on Thursday, albeit gradually, trading above $1.13. The remittance token tagged a weekly high of $1.16 on Tuesday, with gains mainly attributed to developments on the United States (US) Clarity Act and recent signs that inflation is easing in the world’s largest economy.
Crypto Today: Bitcoin, Ethereum, XRP trim gains despite resilient ETF inflows
Cryptocurrency prices are trending lower on Thursday, pressured by renewed inflation concerns stemming from ongoing tensions between the United States (US) and Iran and persistently elevated Oil prices. Bitcoin (BTC) is approaching short-term support at $65,000, with upside resistance remaining firm at $67,000.
Worldcoin Price Forecast: WLD steadies as multiple bullish signals line up
Woldcoin (WLD) price trades around $0.3838 at press time on Thursday, extending a consolidative tone capped beneath the 50-day Exponential Moving Average (EMA) at $0.4141. WLD token emissions are scheduled to drop by 43% from Friday, reducing supply pressure. Retail activity in WLD derivatives remains firm, with a 40% rise in trading volume and elevated funding rates.
Dogecoin Price Forecast: DOGE nears yearly low as risk appetite fades
Dogecoin (DOGE) extends its decline on Thursday, approaching its yearly low at $0.069 as bearish sentiment continues to weigh on the meme coin. Escalating US-Iran conflict and fresh Houthi threats have dampened risk appetite, weighing on speculative assets such as DOGE. Weakening derivatives metrics and a deteriorating technical outlook suggest a deeper correction if DOGE slips below $0.069.
Bitcoin’s potential recovery in the second half hinges on these 4 catalysts
Bitcoin (BTC) has fallen over 34% in the first half of this year as the King Crypto failed to capitalize on a good semester for risk assets despite the woes from the Iran war.