Shiba Inu Price Prediction: Tide turning in favor of SHIB bulls, as $0.00000750 beckons


Share:
  • SHIB price remains in the green for the second straight session on Sunday.
  • Focus on Sunday’s close to confirm a falling wedge breakout on the 1D chart.
  • SHIB bulls await acceptance above 21-DMA to unleash further upside towards 50-DMA.

Amid an upbeat momentum seen across the crypto board, Shiba Inu is taking inspiration on Sunday, as it looks to extend Saturday’s upswing from near the $0.00000590 support area.

The recent rally in the so-called ‘Dogecoin Killer’ was fuelled by eToro’s, leading investment platform, the listing of Shiba Inu in response to rising demand from traders. 

Meanwhile, encouraging developments around the adoption of cryptocurrencies and institutional demand bodes well for SHIB price.

SHIB price gearing up for a fresh upswing?

As observed on the daily chart, the Shib price has taken out the falling trendline resistance at $0.00000635, although a daily closing above that level is awaited to confirm a three-week-old falling wedge breakout.

Even after an upside break of the wedge is validated, the SHIB bulls will need to find a strong foothold above the descending 21-Daily Moving Average (DMA) at $0.00000657.

The next bullish target for SHIB price is aligned at the 50-DMA at $0.00000736.

SHIB/USDT: Daily chart

Despite the ongoing uptrend, SHIB bulls remain cautious, as the 14-day Relative Strength Index (RSI) still holds below the 50.00 threshold.

If the falling wedge breakout doesn’t materialize, then SHIB sellers could fight back control, knocking off the rates back towards the $0.00000590 range lows (dashed horizontal trendline).

The falling trendline support at $0.00000459 could be brought into play should the downside pressure gains momentum.


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.

Join Telegram

Follow us on Telegram

Stay updated of all the news

Join Telegram

Recommended content


Follow us on Telegram

Stay updated of all the news

Join Telegram

Recommended Content

Editors’ Picks

Bitcoin price rally not likely over as institutions deplete BTC OTC supply

Bitcoin price rally not likely over as institutions deplete BTC OTC supply

Bitcoin (BTC) price could cover more ground north as the BTC wells among over-the-counter (OTC) desks run dry. This is likely to see institutions look to public exchanges, with the resulting buying pressure likely to provide tailwinds for the pioneer cryptocurrency. 

More Bitcoin News

SEC approval of spot BTC ETFs was Bitcoin IPO, says expert

SEC approval of spot BTC ETFs was Bitcoin IPO, says expert

Bitcoin (BTC) price exploded to an intraday high of $64,000 on Wednesday before a quick retraction. Reports circulated that over-the-counter (OTC) BTC supplies depleted, which could compel institutions to switch to public exchanges as an alternative source of Bitcoin.

More SEC News

Coinbase exchange notes progress amid ongoing downtime

Coinbase exchange notes progress amid ongoing downtime

Coinbase has issued an update concerning the crash, indicating, "We’re beginning to see improvement in customer trading." However. The US-based exchange acknowledges that because of increased traffic, some customers may still see errors when trying to log in to their accounts or execute transactions, but holds, "Rest assured your funds are safe."

More Coinbase News

Bitcoin shatters $63,000 as Jim Cramer posses a rhetoric on BTC value for mankind

Bitcoin shatters $63,000 as Jim Cramer posses a rhetoric on BTC value for mankind

Bitcoin (BTC) price has shattered past the $63,000 threshold, with the bulls not showing any signs of stopping. The upside potential remains alive, with BTC now eyeing $65,000.

More Bitcoin News

Bitcoin: BTC likely to correct to $50,000 soon

Bitcoin: BTC likely to correct to $50,000 soon

Bitcoin price has formed a potential top signal that forecasts a sell-off. The weekly chart also points to a bearish divergence, which adds credence to the bearish outlook. Investors can expect BTC to consolidate between the $52,062 to $45,160 levels.

Read full analysis

BTC

ETH

XRP