- Shiba Inu price showed strength as it bounced off a crucial support level at $0.00000549.
- SHIB looks ready to advance roughly 28% from its current position.
- A decisive close below the $0.00000549 support level will invalidate the bullish thesis.
Shiba Inu price saw a massive buying pressure that sliced through a stiff resistance level. Although the uptrend failed to sustain itself, the September 8 daily candlestick closed on a positive note.
As cryptocurrency slowly recovers after the September 7 crash, SHIB looks ready to do the same.
Shiba Inu price takes a jab at rallying
Shiba Inu price dipped below the range low of $0.00000549 on September 8 but recovered swiftly. At one point in time, SHIB rose roughly 35%, but the inability of the buyers to sustain this movement pushed it lower. Regardless, Shiba Inu price still shows promise of an ascent.
If the uptrend continues, the meme coin needs to slice through the $0.00000768 and $0.00000835 ceilings. Doing so will open the path up to the middle point of the trading range at $0.00000882, coinciding with the 50% Fibonacci retracement level. This move would constitute a 28% upswing.
If the buying pressure continues to pour in, Shiba Inu price will take a jab at the high probability reversal zone ranging from $0.00000963 to $0.00001080.
SHIB/USDT 1-day chart
While things seem to be going well for Shiba Inu price, a failure to go higher will indicate a problem. If the buyers fail to keep the asset above the support zone, ranging from $0.00000625 to $0.00000654, it will reveal that the sellers are still in control.
However, a decisive close below the range low at $0.00000549 will invalidate the bullish thesis and open the path for further descent.
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
Prisma price tanks 25% after nearly $9 million exploit
Prisma Finance (PRISMA) is being exploited, and the attacker has so far pulled $9 million in Ethereum from the borrowing protocol. Prisma asked vault owners to take the necessary steps to protect funds from the ongoing attack in an official tweet on X.
Meme coins gain traction after SEC’s partial win in Coinbase lawsuit: DOGE, SHIB, BRETT, POPCAT, BODEN
US SEC pocketed a partial win in its lawsuit against Coinbase, ushering a correction in crypto prices on Thursday. Despite the broad pullback, prices of meme coins like Dogecoin, Shiba Inu and Solana-based BRETT, POPCAT and BODEN increased.
Ondo moves $95 million worth of OUSG assets to BUIDL as tokenized fund attracts $245 million since debut
Ondo Finance (ONDO) announced on Wednesday that it's shifting about $95 million worth of its OUSG's underlying assets to the BlackRock USD Institutional Digital Liquidity Fund (BUIDL).
XRP price stuck below $0.65 resistance, Ripple lawsuit could suffer from Coinbase defeat
XRP price falls slightly to $0.61 on Thursday after its landmark programmatic sales ruling in July, which gave Ripple a partial victory against the US SEC, failed to reverberate in a similar legal battle between the regulator and crypto exchange Coinbase.
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.