|

Shiba Inu Price Prediction: SHIB can rally 7% if bulls can overcome critical resistance level

  • Shiba Inu price has created a foothold, which could trigger a quick rally soon.
  • A flip of the $0.00000694 hurdle is in progress and could catalyze a 7% run-up to $0.00000748.
  • A daily candlestick close below the $0.00000684 support level will invalidate the bullish thesis. 

Shiba Inu (SHIB) price breached a key resistance level on October 21, which opened the possibility of a further rally. Investors can note that SHIB bulls have the upper hand and are likely to take advantage of that in the coming week.

Read more: Shiba Inu price rises 6% as SHIB pivots to the lower mean threshold

Shiba Inu price to climb higher

Shiba Inu (SHIB) price faced and overcame a key hurdle at $0.000000694 on October 21 after producing two key lower lows on October 12 and 18. Due to the non-conformity between the Relative Strength Index and the aforementioned swing lows, the rally that began after the October 18 swing low is still in motion.

Going forward, investors can expect Shiba Inu price to retest the $0.00000694 as a support floor and trigger a 7% run-up to tag the $0.000000748 hurdle. This barrier is critical as it has been preventing the price from ascending for the past month.

SHIB/USDT 4-hour chart

SHIB/USDT 4-hour chart

On the contrary, if Shiba Inu price produces a daily candlestick close below the $0.00000684 support level, it will create a lower low. A failure to create a higher high after the said breakdown will indicate a trend reversal. These developments will invalidate the bullish thesis described above and potentially kickstart a selling spree.

In such a case, Shiba Inu price could drop 3.6% and retest the October 19 swing low at $0.00000660.

Also read: Shiba Inu price marking fresh 2023 lows could lead to $107 million worth of tokens facing losses

 

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

Kraken’s parent plans regulated US perpetual futures on Hyperliquid

Hyperliquid has named Payward, the parent company of crypto exchange Kraken, as its intended first Commodity Futures Trading Commission-regulated deployer on HIP-3 markets. In an X post on Monday, Hyperliquid stated that Payward plans to use its infrastructure to deploy perpetual futures markets for US customers. The proposed arrangement remains subject to regulatory approval.

Pi Network Price Forecast: PI stalls as weak crypto sentiment caps recovery

Pi Network holds steady above $0.0760 stalling after a roughly 2% rebound the previous day. The broader market's weak sentiment and reduced trading volume weigh on the PI token. The technical outlook is bearish, with price capped below a long-term resistance trendline and weak momentum.

Ripple and Stellar outlook: XRP and XLM remain under pressure as bearish momentum persists

Ripple and Stellar continue to remain under pressure, trading below $1.30 and $0.169 respectively, after a mild recovery the previous day. Both XRP and XLM remain below their key Exponential Moving Averages, indicating bearish price action. Moreover, mixed derivatives metrics and cautious on-chain data are capping sustained recovery in XRP and XLM.

Ripple secures OCC approval for National Trust Bank
Brad Garlinghouse, CEO of Ripple, announced in an X post on Monday that the Office of the Comptroller of the Currency (OCC) has granted final approval to charter Ripple National Trust Bank (RNTB). The federally supervised national bank demonstrates Ripple's progress toward building digital asset infrastructure within a regulated financial system.
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.