• Shiba Inu price is retracing after rallying 50% in less than two days. 
  • This downswing will provide market participants an opportunity to accumulate SHIB before it triggers a 30% ascent.
  • A breakdown of the range low at $0.0000356 will invalidate the bullish thesis.

Shiba Inu price is undergoing a minor retracement after it saw a sudden uptick in buying pressure, leading to a rally. This correction will provide sidelined buyers with an opportunity to jump on before the next leg higher.

Shiba Inu price prepares for another launch

Shiba Inu price rallied 50% between November 28 and November 30 as it rose from $0.0000362 to $0.0000543. This massive upswing is currently undergoing a retracement and hovering around the trading range’s midpoint at $0.0000452.

Investors can expect SHIB to eventually reverse after it dips back into the buy zone. This high probability reversal zone will allow investors who missed the first Shiba Inu price pump to get onboard for the next bull phase.

To enter long, market participants need to wait for a retest of the 62% Fibonacci retracement level at $0.0000431. This dip will prime Shiba Inu price to trigger a 25% surge, leading to a retest of the range high at $0.0000543. 

Clearing this barrier will confirm buyers’ strength and propel Shiba Inu price to make a run at the following levels: $0.0000579 and $0.0000652. In total, the move from $0.0000431 to $0.0000652 will represent a 46% advance.

SHIB/USDT 4-hour chart

SHIB/USDT 4-hour chart

While the reversal zone, ranging from $0.0000362 to $0.0000543, has a high chance of triggering an upswing, there are chances an excessive increase in selling pressure could lead to a break below this area.

In such a situation, investors can expect Shiba Inu price to retest the range low at $0.0000362. A small dip below this area is possible and is a ploy by market makers to collect the sell-stop liquidity resting below it.

If Shiba Inu price produces a daily close below $0.0000356, it will invalidate the bullish thesis and potentially trigger a crash to $0.0000327.


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.

Cryptos feed

Latest Crypto News

Latest Crypto News & Analysis

Editors’ Picks

Largest DeFi exploit of 2022 wipes out $80 million from Qubit's Ethereum-BSC bridge

Ethereum-BSC bridge of Qubit Finance suffered a hack to the tune of $80 million in the largest DeFi exploit of 2022. Hackers exploited the "deposit" function to steal cryptocurrencies from Qubit Finance. 

More Ethereum News

Decentraland bulls go against the bearish trend, targeting $2.60

Decentraland (MANA) price has been on the front foot in a challenging market environment. MANA bulls look ready to eke out  28% of gains for this week after the price lifted from the 200-day Simple Moving Average (SMA) and is now set to pop and stay above the monthly S1 support level.

More Decentraland News

Charles Hoskinson awaits launch of Vaccuumlabs DEX on the Cardano network

Cardano network activity hit a peak with a spike in transactions on the network. Charles Hoskinson, the CEO of IOHK, is awaiting the launch of Vaccuumlab's DEX on the Cardano network. 

More Cardano News

Why Bitcoin has entered a new bear market

Bitcoin price has tumbled to a multi-month low below $33,000, as the leading cryptocurrency loses 50% of its value from its all-time high in November 2021. This marks the second-worst sell-off since the bear market that spanned from 2018 to 2020. 

More Bitcoin News

Bitcoin: Federal Reserve cannot tame BTC’s uptrend

Bitcoin experienced some significant losses over the past few weeks, with a more dramatic drop occurring this week after the Fed’s decision was announced. As losses have extended and Bitcoin has entered into the $30,000 zone, concerns regarding BTC being in a bear market have increased.

Read full analysis