- Shiba Inu price rallied 20% during the final trading week of October.
The recent bearish countertrend is just a 50% retracement of the uptrend rally.
Invalidation of the bullish outlook is a breach below $0.00000922.
Shiba Inu price took the market by surprise as a 20% rally unfolded early in the week. Key levels have been identified to gauge a potential entry before the uptrend continues.
Shiba Inu price could rally higher
Shiba Inu price rallied in applaudable fashion as the notorious meme coin pulled off a stunning 20% rally. At the current time, the bears have entered the market, forging an 8% decline. Still, there are reasons to believe the uptrend move is still ongoing.
Shiiba Inu price currently auctions at $0.00001089. During the recent upswing, the bulls have breached both the 8-day exponential and 21-day simple moving averages. Now, the two trend indicators converge under the SHIB price, which signals bullish strength.
SHIB/USDT 12-Hour Chart
A Fibonacci retracement tool surrounding the strongest part of the recent rally suggests the current profit-taking consolidation is just a 50% retracement. If market conditions persist, a bullish cross of the indicators could prompt an additional 20% rally. Key bullish targets would be $0.00001250 and potentially $0.00001300.
Invalidation of the bullish thesis could occur if the bears manage to tag the $0.00001040 liquidity zone. A sweep of the low could trigger a mudslide rally toward $0.00000970. The price of Shiba Inu would decline by 11% if the invalidation scenario occurred.
In the following video, our analysts deep dive into the price action of Shiba Inu, analyzing key levels of interest in the market. -FXStreet Team
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.
Follow us on Telegram
Stay updated of all the news
Binance CEO calls CFTC suit “disappointing” as district court halts Voyager $1 billion sale to Binance.US
Voyager’s deal with Binance’s United States entity, Binance.US, faced another hurdle on March 27, the same day that the Commodity Futures Trading Commission (CFTC) went after the crypto exchange. This is the second time in the span of a month that Voyager’s deal has been objected against by the government.
90% of Ethereum supply leaves exchanges as regulators struggle to classify ETH as Security or Commodity
Ethereum is known not only as the second-biggest cryptocurrency but also as the second-generation cryptocurrency. The blockchain not only brought Decentralized Finance (DeFi) to the crypto space but also framed a target on its back following its Proof of Stake transition plan.
This is how EOS holders responded to the network's EVM testnet launch, what to expect this week
The first milestone on the EOS Network Foundation’s roadmap, the completion of the EOS EVM (Ethereum Virtual Machine) code, was achieved on March 22, starting the countdown to the launch of the EOS testnet. Well, it is finally here and the community is elated as it brings them closer to the mainnet release on April 14.
XRP price recovers above $0.44 as court ruling approaches, will Ripple win against the SEC?
XRP price has kept its momentum, flashing green on the one-day timeframe as the countdown to the Ripple vs SEC lawsuit continues. The remittance token is moving in tandem with our prediction last week, soaring by a significant margin to secure a place among the best-performing cryptocurrencies on a one-week timeframe.
Bitcoin: Should you trust this BTC sell signal or wait for $34,000?
Bitcoin price shows a clear picture of its rally after it breached a long-term bullish pattern in mid-January. As the rally takes a breather, sell signs have started to emerge, which is putting investors in a confused state.