- Shiba Inu price is preparing to embark on an explosive rally to $0.0000500.
- This 82% uptrend will arrive after SHIB flips the $0.0000274 hurdle into a support floor.
- A daily candlestick close below $0.0000223 will invalidate the bullish thesis.
Shiba Inu price is currently facing rejection around a crucial hurdle. Overcoming this resistance level will be key to triggering a massive run-up for the Dogecoin-killer.
Also read: AMC stock falls 13% after FXStreet profit call on Wednesday
Shiba Inu price sets the stage
Shiba Inu price has been on a steady uptrend for the past two weeks and now faces the $0.0000274 resistance barrier. This level has prevented SHIB from moving higher thrice over the past month.
Flipping this huddle into a support level will indicate a resurgence of buying pressure for Shiba Inu price. Moreover, this move will cement a bullish narrative for SHIB and trigger an initial run-up to $0.0000323 – a move that constitutes an 18% ascent.
If buyers stick together and manage to overturn the $0.0000323 barrier into a foothold, the bulls will have a resistance-free path up to $0.0000495. In total, the run-up from the current position at $0.0000269 to roughly $0.0000500, will constitute an 85% gain and is likely where the upside is limited for Shiba Inu price.
SHIB/USDT 4-hour chart
The highly bullish outlook for Shiba Inu price is contingent on Bitcoin sustaining a level above $45,000. A flash crash below this level will ruin all bullish setups across altcoins, including SHIB.
Therefore, a daily candlestick close below $0.0000223 will invalidate the bullish thesis for Shiba Inu price by producing a lower low. In such a situation, SHIB is likely to sweep below the $0.0000202 support level at which point bulls may be prepared to give the uptrend another go.
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.
Recommended Content
Editors’ Picks
Ripple's move above this key level could trigger nearly 50% rally for XRP
Ripple has overcome a critical resistance level and flipped into a support floor on the weekly time frame. This development happened while XRP tightly consolidated for roughly 250 days. Investors can expect XRP to kickstart a massive rally.
Optimism price outlook with nearly $90 million worth of OP tokens flooding markets on Friday
Optimism volatility has shrunk in the ours leading to the network’s cliff unlock. It joins the likes of dYdX and Sui, which have similar events on their calendars. As token unlocks are often considered bearish catalysts, investors should brace for a reaction after the event.
Top 3 Price Prediction Bitcoin, Ethereum, Ripple: Retail watches from the sidelines with a bias for shorts
Bitcoin could clear $73,777 peak as BTC bulls resurface. Ethereum might fall 10% before next leg up as ETH RSI teases with sell signal. XRP could lose $0.6000 threshold as Ripple bulls fail to show up.
Jito price could hit $6 as JTO coils up inside this bullish pattern
Jito price action shows a potential cup and handle formation. Based on theoretical measurement rules, a successful breakout could yield a 56% rally to $6.0. A breakdown of the $3.86 support level would create a lower low for JTO and invalidate the bullish thesis.
Bitcoin: BTC may have recovered, but is it out of the woods?
Bitcoin’s (BTC) upward momentum has shown a significant decline for the past two weeks or so. This development led to a bearish signal on the weekly and an uncertain outlook on the monthly.